I'm having trouble with these questions how do i figure out the answer plz?

Bea fine requires a personal loan for furniture that costs $8000 (plus tax). She meets with the loan officers of two financial institutions. Institution A offers her a fixed interest rate of 10% for three year loan, while Institution B offers her a fixed interest rate of 10 1/4% for a three year loan. What is the difference in interest over the three years between the two financial?I'm having trouble with these questions how do i figure out the answer plz?
Hi, I answered one of your questions the other day. You sent me an email thanking me for the response. I replied but my email was not delivered to you because on your Yahoo site you have not chosen to accept emails.





Clive 1933








The easiest way to calculate this question is by calculating the difference in the two interest rates.


It is 10.25% -10.0% = 0.25%





Now $8,000 x 0.25/100 x3 = $60.00





The difference in interest paid over the three years is $60.





The longer way would be to calculate the interest rate on each loan and then subtract the lower from the higher.





$8,000 x 0.1025 x 3 = $2,460





$8,000 x 0.1000 x 3 = $2,400





$2,460 - $2,000 = $60.00





Remember that 10% means 10 for every 100 or 10/100 which is written as a decimal as 0.10





10 1/4% as a decimal is 10.25% or 10.25/100 which is written as a decimal as 0.1025I'm having trouble with these questions how do i figure out the answer plz?
i'm not really sure how this goes by i'll have a try





so in both cases the principal is $8000 and the time is 3yrs





the first place has a 10% interst over 3 years


so r = 10/300= 0.03333 anually





interest = p( ([1+r]^n) - 1)


=8000( ( [1+ 0.033333]^3) -1)


= $825.96





the second place has a 10 1/4 % interest over 3 years


r=41/400 in 3 years=0.03416 annually





interest = 8000( (1.03416)^3 - 1) = $848.33





the difference is $22.87





hope i was of help.. this could easily be a blunder, wat i've done
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