HELP ASAP!! Two customers took out loans from a bank. • Henry took out a 4-year loan for $5,000 and paid 4.2% annual simple interest. • Ingrid took out a 6-year loan for $5,000 and paid 3.9% annual simple interest. What is the difference between the amounts of interest Henry and Ingrid paid for their loans? A) $417 B) $150 C) $60 D) $330

The difference between the amounts of interest Henry and Ingrid paid for their loans is $330.

Given that,

Henry took out a 4-year loan for $5,000 and paid 4.2% annual simple interest.

And Ingrid took out a 6-year loan for $5,000 and paid 3.9% annual simple interest.

We have to find,

The difference between the amounts of interest Henry and Ingrid paid for their loans.

According to the question,

Henry took out a 4-year loan for $5,000 and paid 4.2% annual simple interest.

Then,

Where, Principal = $5000, rate = 4.2% = 0.042, and time = 4 years

Therefore,

The amount of interest of Henry is $840.

Ingrid took out a 6-year loan for $5,000 and paid 3.9% annual simple interest.

Where, Principal = $5000, rate = 3.9% = 0.039, and time = 6 years

Then,

The amount of interest of Ingrid is $1170.

Therefore,

The difference between the amounts of interest Henry and Ingrid paid for their loans.

= $1170 - $840 = $330

Hence,  The difference between the amounts of interest Henry and Ingrid paid for their loans is $330.

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option D is the correct answer.

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the loan.

P represents the principal or amount taken as loan

R represents interest rate

T represents the duration of the loan in years.

Considering Henry's loan,

P = 5000

R = 4.2

T = 4 years

I = (5000 × 4.2 × 4)/100 = $840

Considering Ingrid's loan,

P = 5000

R = 3.9

T = 6 years

I = (5000 × 3.9 × 6)/100 = $1170

The difference between the amounts of interest Henry and Ingrid paid for their loans is

1170 - 840 = $330

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step-by-step explanation:

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