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A lump-sum loan of $ 5614 is needed by Ricardo to pay for college expenses. He has obtained small consumer loans with15% interest per year
"A lump-sum loan of $ 5614 is needed by Ricardo to pay for college expenses. He has obtained small consumer loans with15% interest per year in the past to help pay for college. But his father has advised Ricardo to apply for a PLUS student loan charging only 6% interest per year. If the loan will be repaid in full in five years, what is the difference in total interest accumulated by these two types of student loans?"
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