Your brother lends you $125 at an annual interest rate of 25%. If you want to pay no more than $62.50 in simple interest, in how

Question

worty [1.4K]

3 years ago

7

Your brother lends you $125 at an annual interest rate of 25%. If you want to pay no more than $62.50 in simple interest, in how

many years will you need to pay off the loan? Use the formula: I = Prt.

Mathematics

1 answer:

iren2701 [21] · Answer 1 · 2021-12-09T00:30:27+03:00

3. You purchase a car using a $20,000 loan with a 5% simple interest rate. (a) How much interest do you pay on your loan if you pay off the loan in 4 years? Show your work. (b) How much interest do you pay on your loan if you pay off the loan in 2 years? Show your work. (c) How much interest do you save by paying the loan off in 2 years instead of 4? Show your work. Answer: