Answer:
He'll pay $ 20 more for the first loan.
Step-by-step explanation:
Since the loans are at a simple interest we can use this equation to compute the total amount that will be paid:
M = C(1 + i*t)
Where M is the total after interest, i is the rate at wich the loan was given and t is the amount of time.
For the first loan:
M = 1000*(1 + 0.08*3) = 1000*(1 + 0.24) = 1000*(1.24) = 1240 $
For the second loan:
M = 1000*(1 + 0.11*2) = 1000*(1 + 0.22) = 1000*(1.22) = 1220 $
The difference in price on the loans is 1240 - 1220 = 20 $
