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Sunny_sXe [5.5K]
3 years ago
8

Two customers took out automobile loans. Katy took out a 5-year loan for $18,000 and paid 7.00% annual simple interest. Frank to

ok out a 6-year loan for $18,000 and paid 6.00% annual simple interest . What is the difference between the amounts of interest Katy and Frank paid for their loans?
Mathematics
2 answers:
Sophie [7]3 years ago
8 0

Answer:

The difference between the amounts of interest Katy and Frank paid for their loans is $180

Step-by-step explanation:

The formula of the simple interest is I = Prt, where

  • P is the amount of the loan
  • r is the interest rate in decimal
  • t is the time

Katy took out a 5-year loan for $18,000 and paid 7.00% annual simple interest

∵ The amount of her loan is $18,000

∴ P = 18,000

∵ The annual simple interest is 7%

∴ r = 7% = 7 ÷ 100 = 0.07

∵ The loan is for 5 years

∴ t = 5

- Substitute these values in the formula above

∴ I = 18,000(0.07)(5)

∴ I = 6,300

∴ Katy will pay $6,300 interest for her loan

Frank took out a 6-year loan for $18,000 and paid 6.00% annual simple interest

∵ The amount of his loan is $18,000

∴ P = 18,000

∵ The annual simple interest is 6%

∴ r = 6% = 6 ÷ 100 = 0.06

∵ The loan is for 6 years

∴ t = 6

- Substitute these values in the formula above

∴ I = 18,000(0.06)(6)

∴ I = 6,480

∴ Frank will pay $6,480 interest for his loan

∵ The difference between their interests = 6,480 - 6,300

∴ The difference between their interests = $180

The difference between the amounts of interest Katy and Frank paid for their loans is $180

aleksley [76]3 years ago
5 0

Answer:

180

Step-by-step explanation<em>:Apply the formula I = Prt, where I is interest, P is principle, r is rate, and t is time. </em>

<em>I = 18,000( </em>

<em>7 </em>

<em>100 </em>

<em>)(5) = 18,000(0.07)(5) = 6,300 </em>

<em>I = 18,000( </em>

<em>6 </em>

<em>100 </em>

<em>)(6) = 18,000(0.06)(6) = 6,480 </em>

<em>Therefore, 6,480 − 6,300 = 180</em>

<em />

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Step-by-step explanation:

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<u>Step 2: Solve for </u><em><u>x</u></em>

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Answer:

The Area of the base is 16 cm² .

Step-by-step explanation:

Given as :

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Let The Area of the base = z cm²

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<u>According to question</u>

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So, z =  l × b

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