Jack takes a loan of $120,000 with 12% annual interest: the interest is paid once, at the end of the year. Jill takes a loan of $120,000 with 12% annual interest, compounding monthly at the end of each month. At the end of one full year, compared to Jack's loan interest, approximately how much more does Jill have to repay? Choose the correct answer:
A) Zero
B) $81.90
C) $8190.03
D) $819.00
E) $8.19
Jack's interest= $120,000*0.12 = $14400 or $1,200 each month.   Jills’s interest, 12%/12 = 1% each month:   For the 1st month = $120,000*0.01 = $1,200;   For the 2nd month = $1,200 + 1% of 1,200 = $1,212, so we would have interest earned on interest (very small amount);   For the 3rd month = $1,212 + 1% of 1,212 = ~$1,224;   For the 4th month = $1,224 + 1% of 1,224 = ~$1,236;   ...   For the 12th month = $1,320 + 1% of 1,320 = ~$1,332.   The difference between Jack's interest and Jill’s interest = ~(12 + 24 + ... + 132) = $792.   Answer: $819.00.
<result>D</result>
Jack takes a loan of $120,000 with 12% annual interest: the interest is paid once, at the end of the year. Jill takes a loan of $120,000 with 12% annual interest, compounding monthly at the end of each month. At the end of one full year, compared to Jack's loan interest, approximately how much more does Jill have to repay?