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?

difference between the amount of interest Henry and Ingrid paid for theirs loans is Henry is $8.4/year and Ingrid will pay $11.7/year. Difference is 3.3 Henry would pay less then Ingrid per year.

Step-by-step explanation:

Create two rows and columns of Total year,amount,interest,1-6 years.simple interest is based on P = Principal,N= number of years, r rate of interest.formula= PNR/100.Principal amount is the loan amount acquired.N is the number of years you opting the loan.R rate of interest is annual simple interest applied for the loans amount.Analysis shows increases number year has high rate of interest.