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?

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asked Jun 18, 2019 92.2k views

5 votes

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?

Mathematics
middle-school

Ahmed Ramzy asked

by Ahmed Ramzy

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1 Answer

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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

Holman answered Jun 22, 2019

by Holman

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