Answered

From health tips to tech hacks, find it all on IDNLearn.com. Get comprehensive answers to all your questions from our network of experienced experts.

Two customers took out loans from a bank. • henry took out a 4-year loan for $5,000 and paid 4. 2% annual simple interest. • ingrid took out a 6-year loan for $5,000 and paid 3. 9% annual simple interest. What is the difference between the amounts of interest henry and ingrid paid for their loans?.

Sagot :

Explanation:

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the loan.

P represents the principal or amount taken as loan

R represents interest rate

T represents the duration of the loan in years.

Considering Henry's loan,

P = 5000

R = 4.2

T = 4 years

I = (5000 × 4.2 × 4)/100 = $840

Considering Ingrid's loan,

P = 5000

R = 3.9

T = 6 years

I = (5000 × 3.9 × 6)/100 = $1170

The difference between the amounts of interest Henry and Ingrid paid for their loans is

1170 - 840 = $330

We greatly appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Your search for answers ends at IDNLearn.com. Thanks for visiting, and we look forward to helping you again soon.