Explain, in complete sentences, which method you would use to solve the following system of equations and why you chose that met
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Answer:
You will pay $1,300 in interest.
The final price of the car is of $14,300
Step-by-step explanation:
Simple interest formula:
In which:
I is the interest
P is the principal(initial value of the investment, amount borrowed,...)
r is the interest rate, as a decimal
t is the time, in years.
In this question:
Borrow $13,000, so P = 13000
4 years, so t = 4
Interest rate of 2.5%, so r = 0.025
You will pay $1,300 in interest.
Final price of the car:
Principal plus interest.
The final price of the car is of $14,300