On a simple interest contract a consumer can choose to finance his purchase through Company X which charges a rate of 15% or through Company Y which charges a rate of 12.5%. If this customer plans to finance $1500 for 2 years, how much more interest will he owe if he chooses to finance with Company X?

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05-10-2022
Mathematics

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On a simple interest contract a consumer can choose to finance his purchase through Company X which charges a rate of 15% or through Company Y which charges a rate of 12.5%. If this customer plans to finance $1500 for 2 years, how much more interest will he owe if he chooses to finance with Company X?

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