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Bogdan [553]
3 years ago
8

Henry took out a 4 year loan for 5,000 and payed 4.2% simple annual interest. Ingrid took out a 6 year loan for 5,000 and payed

3.9% simple annual interest. What is the difference between the mounts of interest Henry and Ingrid payed for their Loans
Mathematics
1 answer:
NeX [460]3 years ago
5 0

Answer:

Ingrid pays 330 more than Henry.

                     OR

Henry pays 330 less than Ingrid.

Step-by-step explanation:

SI = Simple Interest

P = Principal

R = Rate

T = TIme

Henry

=> SI = P x R x T / 100

=> SI = 5,000 x 4 x 4.2 /100

=> SI = 50 x 4 x 4.2

=> SI = 200 x 4.2

=> SI = 840

Ingrid

=> SI = P x R x T / 100

=> SI = 5,000 x 6 x 3.9 / 100

=> SI = 50 x 6 x 3.9

=> SI = 300 x 3.9

=> SI = 1170

1170 - 840

=> 330

Ingrid pays 330 more than Henry.

                      OR

840 - 1170

=> -330

Henry pays 330 less than Ingrid.

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