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12-12-2016
Mathematics

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PLZZ HELP ME 15 PTS!!!!! 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.

(b) Suppose you pay the loan off after 2 years. How much interest do you save by paying the loan off sooner? Show your work.

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Respuesta :

stuartberman7 stuartberman7

12-12-2016

A after 4 years is 20% because 5 times 4 is 20
B 10% cuz 5 times 2 is 10 you save about 5,000

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