Question

Joe took out a 5 year loan for 14,700 to buy a new car he has to pay 4.9% simple interest on the loan how much interest will joe have to pay in 5 years .? Plz help me 23 points plz help and explain

Answer 1

Joe pays $3601.50 in interest

Explanation:

To find the interest, the formula for simple interest is

I = PRT

where I is the interest

P = Principal = 14700

R = rate = .049

T = time in years = 5

Substituting in what we know

I = 14700 * (0.049) * 5

=3601.50