Question

1) 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?

(Need an explanation)​

Answer 1

Gianna payed $2,350 more than Marcus

Explanation:

10,000 × 1.047 = 10,4700

10,470 - 10,000 = 470

470 × 5 = 2,350

12,350

10,000 × 1.045 = 10,450

10,450 - 10,000 = 450

450 × 6 = 4,700

14,700 - 12,350 = 2,350