A college student is paying for tuition through private loans. Two lenders have approved the student for a $25,000 loan. Offer 1: 5.99% annual simple interest, with a total account balance of $32,487.50 after a 60-month term Offer 2: 3.75% annual interest compounded monthly for a 66-month term Assuming no payments are made, what is the difference in the account balances at the end of the loan terms? Round your answer to the nearest penny. $1,245.00 $1,770.87 $2,964.36 $3,319.94