Mr. Fitch needs to get a loan to replace the air-conditioning system in his home. The cost of the replacement, including installation, is $4,348.00. He can apply for a 5- year loan or a 3-year loan. Both loans involve simple interest with an annual interest rate of 6.5%. If Mr. Fitch applies for the 5-year loan, how much more will he pay in interest than with the 3-year loan? F. $704.98 G. $565.24 H. $2,260.96 J. $56,524.00
