A bank offers two loan options. Option 1 is a 5-year loan for 3,000 with a 6.1% annual simple interest rate. Option 2 is a 6-year loan for 3,000 with a 5.8% annual simple interest rate. What is the difference between the amounts of interest for each loan? square

To find the difference between the amounts of interest for each loan, we need to calculate the total interest paid for each loan and then subtract the smaller amount from the larger amount.<br /><br />Step 1: Calculate the total interest for Option 1.<br />The formula for simple interest is: Interest = Principal * Rate * Time.<br />In this case, the principal is $3,000, the rate is 6.1%, and the time is 5 years.<br />So, the total interest for Option 1 is: $3,000 * 0.061 * 5 = $915.<br /><br />Step 2: Calculate the total interest for Option 2.<br />Using the same formula, the principal is $3,000, the rate is 5.8%, and the time is 6 years.<br />So, the total interest for Option 2 is: $3,000 * 0.058 * 6 = $1,020.<br /><br />Step 3: Find the difference between the amounts of interest for each loan.<br />The difference is: $1,020 - $915 = $105.<br /><br />Therefore, the difference between the amounts of interest for each loan is $\boxed{105}$.