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Alistair and Jason both deposited $500 into their bank accounts. Alistair earned 2.5% simple interest per year. Jason earned 4.5% simple interest per year. How much more did Jason receive in interest than Alistair after 4 years?

User Sebap
by
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1 Answer

2 votes

Answer:

  • $40

Explanation:

The difference in interest amount is:

  • $500*4*(4.5 - 2.5)/100 = $40

Jason received $40 more than Alistair

User Bob Barcklay
by
8.5k points
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