Joe took out a 5 year loan for 14,700 to buy a new car he has to pay 4.9% simple interest on the loan how much interest will joe
have to pay in 5 years .? Plz help me 23 points plz help and explain
1 answer:
Answer:
Joe pays $3601.50 in interest
Step-by-step explanation:
To find the interest, the formula for simple interest is
I = PRT
where I is the interest
P = Principal = 14700
R = rate = .049
T = time in years = 5
Substituting in what we know
I = 14700 * (0.049) * 5
=3601.50
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