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?

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?

anonymous · Answer

$$16000\times1.09^{x}$$ I believe this is your equation. Make a table to help you visualize it.