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

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?

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Eirian 2 weeks 2023-01-16T20:46:35+00:00 1 Answer 0 views 0

Answer ( 1 )

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    2023-01-16T20:48:08+00:00
    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! 🙂

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