Question

Joanna's parents agree to loan her the money for a car. They will loan her $7,000 for 5 years at 4.5 simple interest. How much will joanna pay interest to ger parents?

Answer 1

the loan is 7000
so per year the interest will be (7000*4.5)/100=315
315*5=1575.00 will be the interest in 5 years