Question

Veronica took out a 48 month

Answer 1

Answer: She would pay $ 6215 in total.

Step-by-step explanation:

Since we have given that

Amount of loan = $5,500

Rate of interest = 3.25%

Number of months = 48 months = 4 year

So, Using "Simple interest ", we get that

$SI=\dfrac{P\times R\times T}{100}\\\\SI=\dfrac{5500\times 4\times 3.25}{100}\\\\SI=715$

So, Amount she would pay :

$5500+1715=6215$

Hence, She would pay $ 6215 in total.