Question

1. Wanda took out a personal loan for $16,000 at 9% simple interest.
a. How much interest will she pay after 5 years?
b. Suppose she pays off the loan in 3 years instead of 5 years. How much money will she save in interest?

Answer 1

HELP FAST

Answer 2

lulz

Answer 3

do you know the answer haha

Answer 4

google me the defintion of simple interest and paste it here , then ill help

Answer 5

ok hold on

Answer 6

interest payable only on the principal; interest that is not compounded.

Answer 7

I=Pti
(.09)5(16000)=...

Answer 8

.45(16000)=7200

now find it for three years
Interest = PRINCIPAL * TIME * INTEREST RATE
I=P*T*i

Answer 9

wait so what would be answer a?