Question

If Sally purchases a car for $22,000 with a 5 year loan having a 2.5% interest rate, how much simple interest will she have to pay on the loan?​

Answer 1

Answer:

$2750 worth of simple interest

Step-by-step explanation:

The equation for simple interest is to multiply the amount by the time by the rate:

22000 * 5 * 0.025 = 2750