Two customers took out home equity loans. • Cathy took out a 10-year loan for $20,000 and paid 5.20% annual simple interest • Steven took out a 15-year loan for $20,000 and paid 4.80% annual simple interest What is the difference between the amounts of interest Cathy and Steven paid for their loans? A) $3,000 B) $4,000 C) $5,000 D) $6,000

B) $4,000

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 Cathy's loan,

P = $20,000

R = 5.2%

T = 10 years

I = (20000 × 5.2 × 10)/100

I = $10400

Considering Steven's loan,

P = $20,000

R = 4.8%

T = 15 years

I = (20000 × 4.8 × 15)/100

I = $14400

The difference between the amounts of interest Cathy and Steven paid for their loans is

14400 - 10400 = $4000

answer: city needs 2.4 inches of rainfall more to match the record of 40 inches.

step-by-step explanation:

since we have given that

total annual rainfall a city record = 40 inches

this year, total rainfall recorded = 37.6 inches

number of inches of rainfall   is needed to match the record of 40 inches is given by

hence, city needs 2.4 inches of rainfall more to match the record of 40 inches.