Question

Joseph took out a loan from the bank to purchase a new car. The initial loan amount was for $25,000 with an interest rate of 3.5%. If Joseph takes 5 years to pay off the loan, what is the total amount he will have paid for the car?

Answer 1

3.5% • 5 = 17.5%

$25,000 • 17.5% = $437,500

i hope this is correct