Question

Lin borrows $14,000 to buy a car. The simple interest on the car loan is 9.5%. At the end of 4 years he pays off the entire loan. How much interest would he have to pay?

A. $1,330 B. $5,320

C. $13,300 D. $19,320

Answer 1

Answer:

Borrowed  amount  = $14,000

Rate of interest = 9.5 %

Interest per year =14,000×(9.5÷100) = $1,330

Interest for 4 years ( total interest)= $1,330×4

                                                    = $5,320

Step-by-step explanation: