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Bob took out a 5 year loan for $4000 and paid 3% annual simple interest Bill took out a 4 year loan for $4000 and paid 5% annual simple interest What is the sum of amounts of in…

Bob took out a 5 year loan for $4000 and paid 3% annual simple interest Bill took out a 4 year loan for $4000 and paid 5% annual simple interest What is the sum of amounts of in…
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4 votes
Bob took out a 5 year loan for $4000 and paid 3% annual simple interest

Bill took out a 4 year loan for $4000 and paid 5% annual simple interest

What is the sum of amounts of interest bob and bill paid for their loans

asked
User Jonatan Kruszewski
by
8.5k points

1 Answer

4 votes
Bob ended up paying an extra 600 in interest over the 5 years for a total of 4600
Bill ended up paying 800 in interest for 4 years for a total of 4800
answered
User Pilavdzice
by
9.3k points
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