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Arte-miy333 [17]
3 years ago
12

Sara bought a car for $15700 with interest rate of 5 3/7% and the contract is for 7 years.

Mathematics
1 answer:
Svetlanka [38]3 years ago
5 0

<em>1. How much interest will Sara owe? </em>

<em>She will owe 5,966 dollars</em>

<em></em>

<em>2. How much will the payments be with a seven year agreement?</em>

<em>Sara will pay 21,666 dollars</em>

<h2>Explanation:</h2>

The simple interest formula is as follows:

A=P(1+rt) \\ \\ \\ Where: \\ \\  A: \ is \ the \ Final \ Investment \Value \\ \\ P: \ is \ the \ Principal \ amount \ of \ money \ to \ be \ invested \\ \\ r: \ is \ the \ rate \ of \ interest \\ \\ t: \ is \ \ Number \ of \ Time \ Periods

First, converting r percent to r a decimal

r = (5 \frac{3}{7})\%=(5+\frac{3}{7}))\%=\frac{38}{7}\% \\ \\ r=\frac{38/7}{100}=\frac{19}{350} \ per \ year

Solving our equation:

A=15700 (1+\frac{19}{350}\times 7) \\ \\ A=15700(\frac{69}{50}) \\ \\ \boxed{A=\$21,666}

So Sara will owe in interest the following amount of money:

I:Interest \\ \\ \\ I=21,666-15,700 \\ \\ \boxed{I=\$5,966}

Finally, answering the questions:

<em>1. How much interest will Sara owe? </em>

<em>She will owe 5,966 dollars</em>

<em></em>

<em>2. How much will the payments be with a seven year agreement?</em>

<em>Sara will pay 21,666 dollars</em>

<h2>Learn more:</h2>

Simple interest: brainly.com/question/11911443

#LearnWithBrainly

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