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Without the use of excel: A borrows 20000 for 8 years and repays the loan with level annual payments at the end of each year.

Without the use of excel:

A borrows 20000 for 8 years and repays the loan with level annual payments at the end of each year.

B also borrows 20000 for 8 years, but pays only interest as it is due each year and plans to repay the entire loan at the end of the 8 year period.

Both loans carry an effective rate of 8.5%. How much more interest will B pay than A pays over the life of the loan?

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