Mary needs to borrow $12,000. She can borrow the money at

Last updated: 7/13/2022

Mary needs to borrow $12,000. She can borrow the money at 4.5% simple interest for 3 yr or she can borrow at 4% with interest compounded continuously for 3 yr. (a) How much total interest would Mary pay at 4.5% simple interest? (b) How much total interest would Mary pay at 4% interest compounded continuously? (c) Which option results in less total interest? (a) How much total interest would Mary pay at 4.5% simple interest? At 4.5% simple interest, the total interest Mary would pay is