Solved: What is the difference in paying the loan off, Finance Basics

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What is the difference in paying the loan off

Scenario: As a homeowner I need to take out a home equity loan for home repairs. Borrowing $10,000 how much will it cost in interest to pay the loan off in 5 years if compounded monthly. What is the difference in paying the loan off at the end of 5 years if simple interest is used.

I am also looking for a credible loan agency to find out what the interest rate would be, as a hypothetical.

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Finance Basics: What is the difference in paying the loan off

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