advertising company is purchasing a new industrial-sized color printer. The company has been approved for a $75,000 loan at two different banks. The terms
of each loan are:
An
Offer 1: 3.99% annual simple interest, with a total account balance of $84,975 after a 40-month term
Offer 2: 2.5% annual interest compounded monthly for a 70-month term
Assuming no payments are made, what is the difference in the account balances at the end of the loan terms. Round your answer to the nearest penny.
$1,787.09
$1,949.47
O$2.148.97
O $2,357.20