Craig just purchased a new car. He financed $45,000 and must pay it back over 5 years with 11% interest. How much will Craig hav
e paid in interest by the time his car is paid off?
1 answer:
Answer:
$24750
Step-by-step explanation:
Given data
Principal= $45000
Time=5 years
Rate= 11%
Let us apply the simple interest expression
SI= PRT/100
substitute
SI= 45000*11*5/100
SI= 2475000/100
SI= $24750
Hence, Craig would have paid $24750
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![\text{growth rate=doubles every seven days}](https://tex.z-dn.net/?f=%5Ctext%7Bgrowth%20rate%3Ddoubles%20every%20seven%20days%7D)
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When:
![N=N_0\ 2^{rt}\\\\](https://tex.z-dn.net/?f=N%3DN_0%5C%202%5E%7Brt%7D%5C%5C%5C%5C)
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Checking the value:
After 14 days:
![N=100\times 2^{ \frac{14}{7}}=400\\\\100 \overset{100\ days}{\rightarrow} 200 \overset{7 \ days}{\rightarrow}\ 400](https://tex.z-dn.net/?f=N%3D100%5Ctimes%202%5E%7B%20%5Cfrac%7B14%7D%7B7%7D%7D%3D400%5C%5C%5C%5C100%20%5Coverset%7B100%5C%20days%7D%7B%5Crightarrow%7D%20200%20%5Coverset%7B7%20%5C%20days%7D%7B%5Crightarrow%7D%5C%20400)