Two customers took out loans from a bank. henry took out a 4-year loan for 5,000 dollars and paid 4.2% annual simple interest.
ingrid took out a 6-year loan for 5,000 dollars 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.