Question: Q1. On March 24, 2014, Brendan and Madison borrow $18,000 each at a simple interest rate r = Brendan's bank calculates interest using exact

Q1. On March 24, 2014, Brendan and Madison borrow $18,000 each at

Q1. On March 24, 2014, Brendan and Madison borrow $18,000 each at a simple interest rate r = Brendan's bank calculates interest using exact interest, while Madison's bank uses the Banker's Rule (ordinary interest). Let X= amount Brendan pays back on September 24, 2014, and Y= amount Madison pays back on September 24, 2014. What is the value of X- Y? 12%.

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