Mr. Adeb takes out an $8,000 personal loan to restore his antique car. The bank loans him the money at 4.5% simple interest for
4 years.
a. How much will Mr. Adeb pay in interest? _
b. What is the total cost of the restoration including the interest? _
Mr. Adeb takes out an $8,000 personal loan to restore his antique car. The bank loans him the money at 4.5% simple interest for 4 years.
a. How much will Mr. Adeb pay in interest?
b. What is the total cost of the restoration including the interest?
1 answer:
Answer:
A) $1440
B) $9440
Step-by-step explanation:
A) 4.5% x $8000 = $360 x 4 years = $1440
B) $1440 + $8000 = $9440
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