NO EXCEL

3. Angela loans Jenny $20,000. Jenny's loan is to be repaid in equal quarterly installments over 8 years at a nominal annual quarterly rate of 8%. Max also borrows $20,000 from Angela for 8 years but only pays interest as it is due each year at the annual effective rate of 8.5%. Max will repay the entire loan balance at the end of the 8-year period. How much more interest will Max pay than Jenny pays over the life of the loan