Question: Devon is considering taking out a $10,000 loan. He went to two banks, Stevenson Trust Company offered him an 8- year loan with an interest

Devon is considering taking out a $10,000 loan. He went to two banks, Stevenson Trust Company offered him an 8- year loan with an interest rate of 8.6%. First National Bank offered him a 5-year loan with an interest rate of 10%. Calculate the amount of interest paid with each loan and determine which loan will have the lower interest paid over the life of the loan

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