Question

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 in dollars between the amounts of interest Marcus and Gianna paid for their car loans?

Answer 1

answer:

$350

step-by-step explanation:

marcus- $2,350

i=prt

=$10,000*4.7%*5

=$2,350

gianna- $2,700

i=prt

=$10,000*4.5%*6

=$2,700

$2,700-$2,350

=$350

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Answer 2

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: brainly.com/question/21508109