Craig just purchased a new car. He financed $45000 and must pay it back over 5 years with 11% interest. a) How much will craig h

Question

2 years ago

6

ave paid in interest by the time his car is paid off? b) How much will he have paid for his car, including interest, after 5 years?

2 answers:

nignag [31] · Answer 1 · 2022-05-01T22:50:28+03:00

5 0

Answer:

49950

Step-by-step explanation:

111% of 45000 is 49950

ludmilkaskok [199] · Answer 2 · 2022-05-02T00:58:45+03:00

Answer:

The amount Craig financed at the beginning(P) = 45000

Number of years he took to repay(T) = 5

Rate of interest(R) = 11%

Total interest he paid = <em>PTR/100</em>

<em>= </em>45000(5) (11) / 100

= 450 × 55 = 24,750

Therefore Craig will have paid $24,750

Step-by-step explanation: