Question

Two customers took out loans from a bank. Henry took out a 4-years loan for 5000 and pain 4.2 annual simple interest •Ingrind took out a 6-years loan for 500 and paid 3.9 annual simple interest.What is the different between the amounts of interest Henry and Ingred paid for their loans?A.417B.150C.60D.330

Answer 1

Given data:

The given time for Harry is t=4 years.

The given time for Ingred is t'=6 years.

The given rate of interest for Harry is r=4.2%.

The given rate of interest for Ingred is r'=3.9%.

The expression for the difference in the interest is,