Consider the following two loans for P=$5,000. Loan A: 2.5 year loan, annual interest rate of 12%.
Loan B: 5 year loan, annual interest rate of 6%.
Both loans are paid monthly, and their interest is compounded monthly. Calculate the absolute difference between the total interest paid on both loans.
Round your answer to the nearest cent.
Do NOT round until you calculate the final answer.

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109 is the nearest whole number/final answer! : )

77

step-by-step explanation:

step-by-step explanation:

step 1: solve one of the equations for one of the variables. let's solve the first equation for y:

step 2: substitute that equation into the other equation, and solve for x.

step 3: substitute x = 4 x = 4 x=4 into one of the original equations, and solve for y.