Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in in
1 answer:
You might be interested in
In 9 years after depositing $160, in my savings account would be $289.6
The formula for simple interest and procedure we will use to solve this exercise is:
S.I.= (P*R*T)/100
Where:
- P = principal
- R = rate of interest in % per annum
- T = time
Information about the problem:
- P = $160
- R = 9%
- T = 9 years
- Total amount = ?
Applying the simple interest formula, we get:
S.I.= (P*R*T)/100
S.I.= (160* 9*9)/100
S.I.= $129.6
Calculating the total amount that would be in my savings account, we get:
Total amount = P + S.I.
Total amount = $160 + $129.6
Total amount = $289.6
<h3>What is simple interest?</h3>It is the operation in which we calculate the profit produced by a capital loaned at a given percentage.
Learn more about simple interest at: brainly.com/question/20690803
#SPJ4
