3 years ago

HELP you purchase a car using a $22,000 loan with a 6% simple interest rate for 5 years

Mathematics

1 answer:

Hunter-Best [27]3 years ago

7 0

Answer: (a) $6,600

(b) $28,600

<u>Step-by-step explanation:</u>

Interest (I) = Principal (P) x rate (r) x time (t)

I = 22,000(0.06)(5)

= 6,600

Accrued (A) = Principal (P) + Interest (I)

A = 22,000 + 6,600

= 28,600

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