Question: (1 point) A borrows $29500 for 10 years and repays the loan with level annual payments at the end of each year. B also borrows

(1 point) A borrows $29500 for 10 years and repays the

(1 point) A borrows $29500 for 10 years and repays the loan with level annual payments at the end of each year. B also borrows $29500 for 10 years. but pays only interest as it is due each year and plans to repay the entire loan at the end of the 10-year period. Both Loans carry an effective interest rate of 7.5%. How much more interest will B pay than A pays over the life of the loan? ANSWER S 8647.65

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