Register
Dr. Moore took out a $60,000 simple interest loan to purchase a Tesla. His loan has an interest rate of 4% annually and he plans on paying on the loan for 5 years. After 5 years, how much would Dr. Moore
107k views
15 votes
Dr. Moore took out a $60,000 simple interest loan to purchase a Tesla. His loan has an interest rate of 4% annually and he plans on paying on the loan for 5 years. After 5 years, how much would Dr. Moore have paid for the Tesla?

User Kevinadi
by
8.1k points

2 Answers

8 votes

Answer:

1# He will be paying $200 monthly

2# He would payed $72,000

Explanation:

User Jurijs Kovzels
by
8.5k points
10 votes

Answer:

$72,999.17

Explanation:

60000*1.04^5=72999.17414

User TalOrlanczyk
by
7.5k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
The cost of 5 similar digital cameras and 3 similar video cameras is 3213. Each video camera costs 4 times as much as each digital camera. John buys a digital camera and a video camera. How much does he
Link Copied!