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Nuray's son Jeremy is 1 0 years old and is learning the concept of simple interest at school. Nuray thought it would be a good

Nuray's son Jeremy is 10 years old and is learning the concept of simple interest at school. Nuray thought it would be a good time to introduce her son to the concept of compounding interest. She challenged her son to find the difference in interest between a simple interest loan of $10,000 at an annual interest rate of 6.5%, and the same loan at 6.5% compounded monthly, both over 10 years. Calculate the difference.
Question 35Select one:
a.
$2,622
b.
$1,350
c.
$1,839
d.
$1,542
e.
$650

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