jessy took out a loan of $16,500 over 5 years at 4.2% interest to purchase a new car. how much will she pay in interest on the l

Question

2 years ago

13

oan. A)$693 B)$3,465 C)$34,650

1 answer:

lbvjy [14] · Answer 1 · 2022-07-21T00:23:34+03:00

Answer:

B

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 4.2%/100 = 0.042 per year,

then, solving our equation

I = 16500 × 0.042 × 5 = 3465

I = $ 3,465.00

The simple interest accumulated

on a principal of $ 16,500.00

at a rate of 4.2% per year

for 5 years is $ 3,465.00.