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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!!!!!
Mathematics
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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