TOM ANGELO NEEDS TO BORROW $1500 TO EXPAND HIS FARM IMPLEMENT MAINTENANCE BUSINESS. HE LEARNS THAT THE LOCAL BANK WILL LEND HIM THE MONEY FOR 2 YEARS AT A RATE OF 10% COMPOUNDED QUARTERLY. AFTER HEARING THIS, TOM'S GRANDFATHER OFFERS TO LEND HIM THE MONEY FOR 2 YEARS WITH A SIMPLE INTEREST RATE OF 7%. HOW MUCH MONEY WILL TOM SAVE BY BORROWING THE MONEY FROM HIS GRANDFATHER