Question

Monica got a $4,500 car loan, to be paid in 3 years. The interest rate is 5%. What will the interest rate is 5%. What will be the interest be at the end of the 3 years? What is the total she will need to pay back?

Amount of Interest:

Total amount paid back:


(Please include how you got the answer and not just take my points for no reason)

Answer 1

Answer:

$5,175

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year,

then, solving our equation

I = 4500 × 0.05 × 3 = 675

I = $ 675.00

The simple interest accumulated

on a principal of $ 4,500.00

at a rate of 5% per year

for 3 years is $ 675.00.