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?
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1
Answer:
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Answered by
1
Answer:
Step-by-step explanation: so first you would have to use your
loan 1
P=5000
R4.2%= 0.042
T=4
5000·0.042·4= 840+5000=5840
loan 2
P=5000
R=3.9%=0.039
T=6
5000·0.039·6=1170-5840=330
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