Mathematics, 10.10.2021 07:20 pattydixon6

In one instance, a financial institution loaned you $20,000 for two years at an APR of 8.75% for which you must make monthly payments. In a second instance, you loaned a financial institution $20,000 for two years at an APR of 8.75% compounded monthly. What is the difference in the amount of interest paid? (Round your answer to the nearest cent.)

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In one instance, a financial institution loaned you $20,000 for two years at an APR of 8.75% for whi...