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scoundrel [369]
3 years ago
12

Mr. Nelson bought a car for $20,000 with a 5% interest rate.

Mathematics
1 answer:
LekaFEV [45]3 years ago
6 0

Answer:

A ) Hence The interest for the car loan is $ 4,310

B ) Hence The interest for the car loan is $ 3,152

Step-by-step explanation:

Given as :

The loan for the car = $ 20,000

The rate of interest of car loan = 5 % compounded annually

A ) The period of loan = 48 months = 4 years

Let the interest of the loan = CI

<u>From compounded method</u>

Amount = Principal × (1 + \frac{\textrm Rate}{100})^{\textrm time}

Or, Amount = $ 20,000 × (1 + \frac{\textrm 5}{100})^{\textrm 4}

Or,  Amount = $ 20,000 × (1.05)^{4}

Or, Amount = $ 20,000 × 1.2155

∴ Amount = $ 24310

So, Interest = Amount - Principal

Or, CI = $ 24,310 - $ 20,000  

∴  CI = $ 4,310

Hence The interest for the car loan is $ 4,310

B ) The loan for the car = $ 20,000

The rate of interest of car loan = 5 % compounded annually

The period of loan = 3 years

Let the interest of the loan = CI

So,

<u>From compounded method</u>

Amount = Principal × (1 + \frac{\textrm Rate}{100})^{\textrm time}

Or, Amount = $ 20,000 × (1 + \frac{\textrm 5}{100})^{\textrm 3}

Or,  Amount = $ 20,000 × (1.05)^{3}

Or, Amount = $ 20,000 × 1.1576

∴ Amount = $ 23,152

So, Interest = Amount - Principal

Or, CI = $ 23,152 - $ 20,000  

∴  CI = $ 3,152

Hence The interest for the car loan is $ 3,152

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