Jack wants to buy a truck that cost 20,500 if he has a loan for 5 years with a 7% interest rate how much will he play for the truck including interest

Answers

Answer:

Jack will pay a total of $27,550 for the truck including interest.

Step-by-step explanation:

To calculate the total cost of the truck including interest, we need to first calculate the total interest Jack will pay over the course of the loan.

We can use the following formula to calculate the total interest:

Total interest = principal * interest rate * number of years

Substituting the values from the problem into this formula, we get:

Total interest = 20,500 * 0.07 * 5

Total interest = 7,050

To calculate the total cost of the truck including interest, we need to add the total interest to the principal (the cost of the truck without interest).

Total cost = principal + total interest

Total cost = 20,500 + 7,050

Total cost = 27,550

Therefore, Jack will pay a total of 27,550 for the truck including interest.

Answer:Step-by-step explanation: