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(1 point) (Exercise 3.4) A borrows $28500 for 10 years and repays the loan with level annual payments at the end of each year. B

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(1 point) (Exercise 3.4) A borrows $28500 for 10 years and repays the loan with level annual payments at the end of each year. B also borrows $28500 for 10 years. but pays only interest as it is due each year and plans to repay the entire loan at the end of the 10-year period. Both Loans carry an effective interest rate of 8%. How much more interest will B than A pays over the life of the loan? Note: Please round A's yearly payment to the nearest cent first, then use it to calculate the interest paid by A. ANSWER = $ pay

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