Amber borrows 5000 from the bank. If she repays the loan in 5 years, the annual rate is 8%, compounded annually. However if she can repay the loan in 3 years th annual rate is 6.5% compounded annually. How much interest will amber save by repaying the loan in 3 years?
A. 1152
B. 1307
C. 583
D. 971
+5
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Home » Mathematics » Amber borrows 5000 from the bank. If she repays the loan in 5 years, the annual rate is 8%, compounded annually. However if she can repay the loan in 3 years th annual rate is 6.5% compounded annually.