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Two customers took out car loans from a bank. Jenna took out a 4-year loan for $20,000 and paid 4.8% annual simple interest. Francis took out a 5-year loan for $20,000 and paid 4.4% annual simple interest. What is the difference between the amounts of interest Francis and Jenna paid for their car loans? Enter your answer in the box. $

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Answer:

The answer is 80 dollars difference

Step-by-step explanation:

The difference between the amount of interest Francis and Jenna paid for their car loans is  $560.

What is the difference in the simple interest?

Simple interest is when only the principal portion of the loan earns an interest and not both the interest already accrued and the principal portion of the loan.

Simple interest = principal x time x interest rate

Jenna = 4 x 20,000 x 0.048 = $3840

Francis = 5 x 20,000 x 0.044 = $4400

Difference = 4400 - 3840 = $560

To learn more about interest, please check: https://brainly.com/question/26367706

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