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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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