tabithaporter187
Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Discover a wealth of knowledge from professionals across various disciplines on our user-friendly Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Carina is borrowing $27,000 to buy a new car. If she borrows the money at 4.15% interest compounded annually for 5 years, how much interest will she pay on her car loan?
$33,087.21
$6,087.21
$1,120.50
$5,602.50

Sagot :

rainbowtacoes
She will have to pay $6,087.21 in interest
altavistard

Answer:

NO, the these three border pieces will not make a right triangle

Step-by-step explanation:

Use the compound amount formula A = P(1 + r)^t:

Here A = ($27,000)(1 + 0.0415)^5

         A = ($27,000)(1.0415)^5 = $33,087.21

Subtracting the principal amount, $27,000, leaves the compound interest amount:  $33,087.21 - $27,000 = $6087.21

She will pay $6,087.21 interest on this loan.

Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.