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A borrows $23500 for 11 years and repays the loan with level annual payments at the end of each year. B also borrows $23500 for

A borrows $23500 for 11 years and repays the loan with level annual payments at the end of each year. B also borrows $23500 for 11 years. but pays only interest as it is due each year and plans to repay the entire loan at the end of the 11-year period. Both Loans carry an effective interest rate of 7.5%. How much more interest will B pay than A pays over the life of the loan?

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