Answer: Annalise says that Philip will earn $320 more at First Bank than at GrandBank.
Explanation:
Formula for Simple interest = Principal × Rate × Time
At GrandBank, the simple Interest will be:
= $2000 × 6% × 8
= $2000 × 0.06 × 8
= $960
At First Bank, the Simple interest will be:
= $2000 × 8% × 8
= $2000 × 0.08 × 8
= $1280
Based on the above, Philip will earn ($1280 - $960) = $320 more at First Bank.