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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?

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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

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