Question

Ill fan! 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?
(b) Suppose you pay the loan off after 2 years. How much interest do you save by paying the loan off sooner?

Answer 1

The formula for simple interest is

i=Prt, where P is the original loan amount, r is the annual interest rate, and t is the number of years.

Answer 2

I know I=PRT xd

Answer 3

XD*

Answer 4

so in four years u play 4000 plus intesert

Answer 5

5000 not 4000

Answer 6

This isn't multiple choice. I have to answer both a and b. It's a two part question. @xXDaBossXx

Answer 7

Okayy so for (a) I=I
P=20000
R=5%
T=4..or i did that wrong and I and P switch amounts.

Answer 8

@ilovemath14

Answer 9

AFK

Answer 10

Im back pls someone help