Answer:
Step-by-step explanation:
In order to buy the new car, Nancy
paid $1,500 up front and took out a loan for the rest of the amount.
Let x = The amount of loan that she took.
The interest rate on the loan is 5%.
This means that she paid interest of 5/100 × x = 0.05 × x
= 0.05x
If the total cost of buying the car (including the interest Nancy owes) is more than $16,213.02,
It means that
1,500 + x + 0.05x is greater than 16,213.02
1500 + 1.05x = 16213.02
1.05x = 16,213.02 - 1500
1.05x = 114713.02
x = 114713.02/1.05
x = $109250 .49524
The amount that Nancy borrowed is greater than $109250 .49524
