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You purchase a car using a $20,000 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 and don’t forget the unit!
(b) Suppose you pay the loan off after 3 years. How much interest do you save by paying the loan off
sooner? Show your work and don’t forget the unit.
Answer: a) b)

Respuesta :

ShaveTheWhales
A.You will pay $4,000 in interest over 4 years. $20,000 + 20% = $4,000
B. You will pay $3,000 in interest over 3 years. $20,000 + 15% = $3,000

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