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DanielleElmas [232]

2 years ago

14

Dario borrows $12,000 to buy a car. He borrows the money at a yearly, or annual, simple interest rate of 4.2%. How much more int

erest will Dario owe if he borrows the money for 5 years instead of 1 year?
ITS URGENT HURRY!!!!!

1 answer:

Mrac [35]2 years ago

5 0

Answer:

$2016 more

Step-by-step explanation:

Borrowed amount = $12000
Interest rate = 4.2% per year simple

<u>Interest in 1 year:</u>

$12000*4.2/100 = $504

<u>Interest in 5 years:</u>

$12000*4.2*5/100 = $2520

<u>The difference between 1-year interest and 5-year interest:</u>

$2520 - $504 = $2016

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