1. Kika and Mato each took out a loan for $5,000 from the bank. Kika has an interest rate of 5.2%, and he plans to repay the loan in 5 years. Mato has an interest rate of 7.5%, and he plans to repay the loan in 24 months. Who will pay more in interest, and about how much more will he pay? Use an online calculator. A. Kika; $300 C. Mato; $300 D. Mato; $700 the loan B. Kika; $700

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
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DOL
1. Kika and Mato each took out a loan for $5,000 from the bank. Kika has
an interest rate of 5.2%, and he plans to repay the loan in 5 years. Mato
has an interest rate of 7.5%, and he plans to repay the loan in 24 months.
Who will pay more in interest, and about how much more will he pay?
Use an online calculator.
A. Kika; $300
C. Mato; $300
D. Mato; $700
B. Kika; $700
Transcribed Image Text:DOL 1. Kika and Mato each took out a loan for $5,000 from the bank. Kika has an interest rate of 5.2%, and he plans to repay the loan in 5 years. Mato has an interest rate of 7.5%, and he plans to repay the loan in 24 months. Who will pay more in interest, and about how much more will he pay? Use an online calculator. A. Kika; $300 C. Mato; $300 D. Mato; $700 B. Kika; $700
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