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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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Respuesta :

The difference between the amounts of interest Marcus and Gianna paid for their car loan should be $350.

Calculation of the difference;

For Marcus, the interest be like

= ($10,000) (4.7%) (5)

= $2,700

And, for gianna, the interest be like

= ($10,000) (4.5%) (6)

= $2,350

So, the difference is

= $2,700 - $2,350

= $350

hence, The difference between the amounts of interest Marcus and Gianna paid for their car loan should be $350.

Learn more about interest here: https://brainly.com/question/21508109

semsee45

Answer:

$350

Step-by-step explanation:

Simple interest formula

[tex]\Large\boxed{\sf I=Prt}[/tex]

where:

  • I = total interest accrued
  • P = principal
  • r = interest rate (in decimal form)
  • t = time (in years)

Marcus

Given:

  • P = $10,000
  • r = 4.7% = 0.047
  • t = 5 years

⇒ Interest = 10000 × 0.047 × 5

⇒ Interest  = $2,350

Gianna

Given:

  • P = $10,000
  • r = 4.5% = 0.045
  • t = 6 years

⇒ Interest  = 10000 × 0.045 × 6

⇒ Interest  = $2,700

Difference

Difference = Gianna's interest - Marcus' interest

                  = $2,700 - $2,350

                  = $350

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