Lele75507
Answered

Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.


Howie wants to get a car loan with 4% simple interest rate. If the car
costs $25,000, how much would Howie need to pay back at the end of
one year, including the interest?

Sagot :

Answer:  $26,000

Explanation:

i = simple interest

P = 25,000 = amount loaned

r = interest rate in decimal form = 0.04

t = number of years = 1

So,

i = P*r*t

i = 25000*0.04*1

i = 1000

Howie needs to pay $1,000 in interest on top of the $25,000 loaned to him. In total, he needs to pay back 1,000+25,000 = 26,000 dollars.

We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.