Question

Pls help im bad at math 50 pts an brain crown .-.

Part A. You purchase a car using a $23,000 loan with a 3.5% simple interest rate. Suppose you pay the loan off after 5 years. How much interest do you pay on your loan? Use the formula: I = Prt; I = Interest earned, P = Principal, r = rate, t = time. Show your work.

Part B. You purchase a car using a $23,000 loan with a 3.5% simple interest rate. Suppose you pay the loan off after 3 years. How much interest do you pay on your loan?
Use the formula: I = Prt; I = Interest earned, P = Principal, r = rate, t = time. Show your work.

Part C. How much interest do you save by paying the loan off in 3 years compared to 5 years? Show your work.

Answer 1

A $4025

B $2415

C $1610

Step-by-step explanation:

Part A

I=PRT

I = 23000* .035 * 5

= 4025

You will pay $4025

Part B

I =PRT

= 23000 *.035 * 3

= 2415

You will pay $2415

Part C

Take the amount from Part A and subtract The amount from Part B and that is the amount you will save.

4025-2415=1610

Answer 2

A $4025

B $2415

C $1610

Explanation:

Part A

I=PRT

I = 23000* .035 * 5

= 4025

You will pay $4025

Part B

I =PRT

= 23000 *.035 * 3

= 2415

You will pay $2415

Part C

Take the amount from Part A and subtract The amount from Part B and that is the amount you will save.

4025-2415=1610