You purchase a car using a $20,000 loan with a 5% simple interest rate.
(a) suppose you pay th...
Mathematics, 02.12.2019 22:31 emmamanny
You purchase a car using a $20,000 loan with a 5% simple interest rate.
(a) suppose you pay the loan off after 4 years. how much interest do you pay on your loan? show your
work and don’t forget the unit!
(b) suppose you pay the loan off after 3 years. how much interest do you save by paying the loan off
sooner? show your work and don’t forget the unit.
a) b)
Answers: 3
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