Annalise says that Philip will earn $320 more at First Bank than at GrandBank.
Step-by-step explanation:
Formula for Simple interest = Principal Γ Rate Γ Time
At GrandBank, the simple Interest will be:
= $2000 Γ 6% Γ 8
= $2000 Γ 0.06 Γ 8
= $960
At First Bank, the Simple interest will be:
= $2000 Γ 8% Γ 8
= $2000 Γ 0.08 Γ 8
= $1280
Based on the above, Philip will earn ($1280 - $960) = $320 more at First Bank.