Answer:
$4,515 in simple interest
Step-by-step explanation:
Price of the car = 35,550
Amount saved = 20,700
Amount borrowed = Price of car- amount saved; 35,550-20700 = 14,850
Amount owed at the moment = 19,365
To find the simple interest charged= Total owed currently- amount initially borrowed;
Simple interest = 19,365 - 14,850 = 4,515
Therefore, Michelle's loan accrued $4,515 in simple interest.
