Olena loans Amy $20,000. The loan is to be repaid at a nominal interest rate of 8% payable quarterly. Bob also borrows $20,000 from Olena for 8 years but only pays interest as it is due each year at the annual effective rate of 8.5%. Bob will pay the entire loan at the end of the 8-year period. How much more interest will Bob pay than Amy pays over the life of the loan?