Question

Clark borrow $16,000 to buy a car. He pays simple interest at an annual rate of 6% over a period of 3.5 years. How much does he pay all together?

Answer 1

The equation for annual interest is A = P(1 + r)^t. We can plug in the known information and get A = 16,000(1 + (0.06))^3.5. Next, we can simplify this equation to A = 16,000(1.06)^3.5. Finally, we raise 1.06 to the power of 3.5 and multiply that by 16,000 and get an answer of $19,619.62.

Hope this helps!

Answer 2

Answer:

Step-by-step explanation: I think it would either be 19,360 or 19,920 <3