Answered

Welcome to Westonci.ca, the place where your questions are answered by a community of knowledgeable contributors. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

QUICK!!

Two customers took out car loans from a bank.

Marcus took out a 5-year loan for $10,000 and paid 4. 7% annual simple interest.

Gianna took out a 6-year loan for $10,000 and paid 4. 5% annual simple interest.

What is the difference between the amounts of interest Marcus and Gianna paid for their car loans?

Enter your answer in the box.


Sagot :

abidemiokin

The difference between the amounts of interest Marcus and Gianna paid for their car loan is $50

The amount and simple interest

The formula for calculating the amount on simple interest is given as:

A = P + I

I = PRT
A = PRT + P

Given the following paramteers

A = 10000(0.047)(5) + 100000

A = 2350 + 10000
A = 12350

For Gianna

A = 10000(0.045)(5) + 100000

A = 2250 + 10000
A = 12250

Difference =  12350 - 12250 = $50

Hence the difference between the amounts of interest Marcus and Gianna paid for their car loan is $50

Learn more on simple interest here: https://brainly.com/question/25793394

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.