Question

Rex needs to take out a loan to buy a new car. He needs to borrow $25,000. The bank is giving him a rate of 2.5% over 6 years. How much will Rex pay in interest for his new car?

Answer 1

Answer:

3,992.34 (I think)

Step-by-step explanation:

Set an equation:

25000(1+.025)^6

and you should get an answer of 28992.33546

Then you should subtract the initial amount which is 25000 to find out how much interest is being paid.

So finally the answer would be 3,992.34.

If im not wrong that is :)