Question

Wanda took out a personal loan for 16,000 at 9 percent simple interest.

A Suppose she pays off the loan in 3 years instead of 5 years. How much money will she save in interest?

Answer 1

$16,000 at 9% interest
9% of 16,000 is 1440

If she paid the loan off in 5 years she would have to pay $23,200
If she paid the loan off in 3 years she would have to pay $20,320

She would save $2880 in interest.

Brainliest answer would be appreciated! Hope this helps!