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NARA [144]
2 years ago
15

Jean paid $18,489 for a new car. calculate the total cost of the car if she financed it at an interest rate of 3.5% for 4 years.

Business
2 answers:
Fofino [41]2 years ago
5 0
This is a simple interest problem. We are going to use the formula:
I=Prt
Where I is the interest she has to pay for her loan, P is the amount she financed, r is the interest rate (in decimal), and t is the number of years.

Replace the values to get:
I= (18489)(0.035)(4)
I=2588.46

Now that we have the interest she paid, we just need to add them to the value she paid to get the total cost she paid:
18489+2588.46=21077.46

We can conclude that the total cost of the car that she financed will be $21,077.46 
IRISSAK [1]2 years ago
5 0

We can conclude that the total cost of the car that she financed will be $21,077.46

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Answer:

a). The amount of the short-term loan=$128,181.82

b). The amount of the long-term loan=$156,666.67

Explanation:

The total annual interest to be paid can be expressed as;

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