Question

Your brother is going to buy a car when he graduates, but he doesn't have enough money to pay for it in cash. He takes a loan out at a bank that charges 4% simple interest. If the initial cost of the car is $18,500 and he takes out a 5-year loan, what is the total amount your brother will be paying for the cost of his car?

Answer 1

Step-by-step explanation:$18,500 × .04=

$740×5= $3,700 + $18,500=

$22,200 for total loan