Mathematics Middle School

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?
Show ALL the work

Answers

Answer 1
10,000(1+(0.047*5))=12350
Marcus-12350

10,000(1+(0.045*6))=12,700
Gianna-12,700

12,700-12,350=$350 difference
Answer 2

The difference between the amounts of interest Marcus and Gianna paid for their car loans is $350.

What is the simple interest?

Simple interest is a method to calculate the amount of interest charged on a sum at a given rate and for a given period of time.

Simple interest is calculated with the following formula: S.I. = (P × R × T)/100, where P = Principal, R = Rate of Interest in % per annum, and T = Time.

Given that, principal = $10,000, rate of interest = 4.7% and time period = 5 years.

Here, simple interest = (10000×4.7×5)/100

= 235000/100

= $2350

Principal = $10,000, rate of interest = 4.5% and time period = 6 years.

Now, simple interest = (10000×4.5×6)/100

= 270000/100

= $2700

So, difference = 2700-2350

= $350

Therefore, the difference between the interest amount is $350.

To learn more about the simple interest visit:

https://brainly.com/question/25845758.

#SPJ3

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~

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