1 answer
(click or scroll down)
To find the difference in the amount of interest paid by Jarrod and Harold, we need to calculate the interest paid by each individual.
For Jarrod's loan:
Interest = Principal * Rate * Time
= $4,000 * 0.032 * 5
= $640
For Harold's loan:
Interest = Principal * Rate * Time
= $4,000 * 0.039 * 7
= $1,092
The difference in the amount of interest paid is:
$1,092 - $640 = $452