Juan bought a pickup truck for $16,000. He paid $1,000 down and borrowed the rest on a one year note at 16% interest. How much w

Question

kaheart [24]

4 years ago

9

Juan bought a pickup truck for $16,000. He paid $1,000 down and borrowed the rest on a one year note at 16% interest. How much w

ill he owe at the end of one year?

Mathematics

1 answer:

raketka [301] · Answer 1 · 2021-11-10T23:45:02+03:00

Hello @lolhelpmepls,

How are you doing? Lets get straight to the point :)

(Assuming simple interest (no compounding) and no payments during the year, he will owe $17,400 at the end of the one year period.) In order to get this answer you need to:

1. Grab the Principle = $$15,000$ 
2. Format the equation = $$2,400 * ($15,000 * .16)$ 
________________________________________________
3. Get your Total Of = $$17,400$

I hope that I helped, if you need anything contact me! :)

Thank you,
Darian D.