Question

Max is taking out a 5.1% load in order to purchase the 17,000 car the length of the loan is five years how much will the pay in interest

Answer 1

I don't which interest it is
Simple interest=

`17000 * 5.1\% * 5`
Compound interest=

`17000(1 + {5.1\%})^(5)`
then solve

Answer 2

Answer: 4,335

Explanation:

To calculate max interest, we simply us the simle interst formular;

Simple interest = P × R ×T / 100

where p= principal

R = Rate

T= time (in years)

principal = 17, 000 Rate = 5. 1 and the time= 5

Simple interest =P × R ×T / 100

= 17000 × 5. 1 ×5 / 100

(The two zeros at the denominator will cancel two of the zeros at the numerator)

simple interest = 170 × 5. 1 × 5

=4335

Therefore the pay in interest is 4335