madelinewhiteaz27 madelinewhiteaz27

13-11-2020
Mathematics

contestada

Please quick You purchase a car using a $15,000 loan with a 5% simple interest rate.
(a) Suppose you pay the loan off after 4 years. How much interest do you pay on your loan? Show your work. (10 points)

Respuesta :

marissabella2005 marissabella2005

16-11-2020

Answer:

a) $3000

Step-by-step explanation:

a)

interest = Principal x rate as decimal x time

interest = 15,000 x 0.05 x 4

interest = 3000

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