3 years ago

3. You purchase a car using a $20,000 loan with a 5% simple interest rate.

1 answer:

6 0

(a) 20,000 × 5/100 × 4 = $4000( interest)

(b) 20000 × 5/100 × 2 = $2000 (interest)

How much do you save = $4000 - $2000 = $2000

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