Question

jake buys a new car that costs $15,000 he borrowed from the bank with 3.5% compound interest per year. If it takes 7 years to pay off the loan, how much will he have paid for the car? Answers 1. thongdat2 Answer: NVM MY ANSWER IS WRONG ITS INTEREST NVM SRRY Step-by-step explanation: you can solve this by doing I=PRT I=Interest (total which is P= Principle ($15,000)
R= Rate (3.5% which turns to 0.35 bc you turn it into a decimal)
T= Time (7 years)
Once they are identified you mulitply them together:
(15,000)(0.35)(7)=36,750
I am sure that’s the answer I’m sorry if I am wrong but I did this at the beginning of the year and got a 100% on my test so it should be correct! 🙂