Question

To buy a car, Jessica borrowed $15,000 for 3 years at an annual simple interest rate of 9%. How much interest will she pay if she pays the entire loan off at the end of the third year? What is the total amount that she repay?

Show all work. Answer both questions. And you will be marked brainest!

Answer 1

First, find the interest she will pay.principal + interest = amount 
15,000 + 4050 = A (Substitute)
19,050 = A (Solve for A)
Jessica will repay a total of $19,050 on her loan.

Answer 2

She pays $4050 if she pays the entire loan off at the end of the third year.

The total amount that she repays is $19,050.

Given that,

Jessica borrowed $15,000 for 3 years at an annual simple interest rate of 9%.

We have to determine,

How much interest will she pay if she pays the entire loan off at the end of the third year? What is the total amount that she repays?

According to the question,

Total amount = $15,000

Time = 3 years

Rate = 9% = 0.09

The interest will pay if she pays the entire loan off at the end of the third year.

Simple interest can be calculated with the formula given below.

Simple interest = Principal × Rate × Time

Substitute all the values in the given formula;

$Simple \ interest = 15000 \times 0.09 \times 3\\\\Simple\ interest = 4050$

She pays $4050 if she pays the entire loan off at the end of the third year

Therefore,

The total amount that she repays = Amount + interest

The total amount that she repays = $15,000 + $4050

The total amount that she repays = $19,050

Hence, She pays $4050 if she pays the entire loan off at the end of the third year. and the total amount that she repays is $19,050.

To know more about Simple Interest click the link given below.

https://brainly.com/question/14478957