kalynhicks06
contestada

WILL MARK BRAINLIEST NEED ANSWERS NOWW 100 POINTTTSSS.


You purchase a car using a $20,000 loan with a 5% simple interest rate.


(a) How much interest do you pay on your loan if you pay off the loan in 4 years? Show your work.


(b) How much interest do you pay on your loan if you pay off the loan in 2 years? Show your work.


(c) How much interest do you save by paying the loan off in 2 years instead of 4? Show your work.


Answer to all questions:

Respuesta :

GoldenWolfX

Part A:

To get the interest of 1 year

Multiply 20,000 by 5% or 0.05

You get $1,000

Thats the amount for 1 year, now to get for 4 years, multiply 1,000, by 4

She pays $4,000 in interest

Part B:

If she pays it off in 2 years, instead of 4 years, she will pay an interest of $2,000, divide 4 by 2

Part C:

This is the same as part b, she saves $2,000

Hope this helps

-GoldenWolfX


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