Two customers took out bank loans. • Carl took out a 3-year loan for $20,000 and paid 5.00% interest compounded annually
• Steven took out a 5-year loan for $20,000 and paid 3.00% interest compounded annually
What is the difference between the amounts of interest Carl and Steve paid for their loans?
A)
$32.98
B)
$40.09
$52.91
D)
$86.94