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Tamiku [17]
3 years ago
15

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?
Mathematics
1 answer:
Solnce55 [7]3 years ago
8 0

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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Answer:

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

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n represents the periodic interval at which it was compounded.

P represents the principal or initial amount borrowed

From the information given,

P = 5000

r = 9

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Assuming they are 365 days in a year

n = 365 because it was compounded 52 times in a year.

t = 29/365 = 0.0794

Therefore,

A = 5000(1 + 0.055/365)^365 × 0.0794

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A = 5000(1.00015)^29

A = $5022

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Hope this helps!

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Step-by-step explanation:

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