At the International Conference on Robotics and Automation, a robot was unveiled by a team of young engineers that would help people who needed daily physical assistance getting dressed. The team used haptics as the sensorial method for training the robot. In order to improve its perfor- mance, the team was seeking a loan of $1,000,000 that they would repay in 5 years. A wealthy entre- preneur offered two options for the $1 million loan. Plan A was a 10% loan with interest charged on the $1 million principal of the loan. Plan B was a 14% loan with interest charged on the unpaid balance. Which plan would result in higher total interest paid and by how much?

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The international conference on Robotics and Automation ICRA is the IEEE Robotics and Automation Soc... View the full answer