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leonid [27]
3 years ago
8

Michelle is trying to buy a car that costs $35,550, and she has saved up $20,700. She borrowed the remaining amount that she nee

ded from a finance company. She now owes a total of $19,365 to the finance company. How much is the simple interest that accrued on this loan based on the original amount borrowed?
Mathematics
1 answer:
Dimas [21]3 years ago
7 0

Answer: $ 4,515

Step-by-step explanation:

\\The cost of the car she wanted to buy = $35,550

\\Her savings = $20,700

\\That means she needs( $35,550 - $20,700) more in order for her to buy the car.

\\Amount borrowed from the finance company  = $35,550 - $20,700

\\= $ 14,850

\\Since she now owes the financial company a total of $19,365, then the interest accrued by the loan she borrowed is given by:

\\$19,365 - $ 14,850

\\= $4,515

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