I’ll buy a black 2011 dodge ram 25,000 miles. I wanted this car because I just got my license. I always wanted that kind of car. The car cost $11,995. The bank I chose was Navy Federal Credit Union. My type of account was a car loan. The interest rate is 3.1%. The interest is compounded annually.
Calculate the amount of your compound interest investment after 10 years. Remember that you are starting with $7,500. Calculate the amount of your simple interest investment after 10 years. Remember to use the same rate & compounding as in #1. Create a graph that shows the growth of both options.

Question

I’ll buy a black 2011 dodge ram 25,000 miles. I wanted this car because I just got my license. I always wanted that kind of car. The car cost $11,995. The bank I chose was Navy Federal Credit Union. My type of account was a car loan. The interest rate is 3.1%. The interest is compounded annually.
Calculate the amount of your compound interest investment after 10 years. Remember that you are starting with $7,500. Calculate the amount of your simple interest investment after 10 years. Remember to use the same rate & compounding as in #1. Create a graph that shows the growth of both options.