Question: 3. Jack and Jill each borrow $5,000 for a term of 5 years at an e 5 year rate of 7%. Jack repays his loan

3. Jack and Jill each borrow $5,000 for a term of

3. Jack and Jill each borrow $5,000 for a term of 5 years at an e 5 year rate of 7%. Jack repays his loan by making level annual payments at the end of each year. g fund at the end Jill will of each year. The sinking fund earns an effective annual interest rate of 4%. also make annual interest payments to the creditor. Determine the amount by which the sum of Jill's annual deposits and interest payments will exceed Jack's annual payment

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