Question

PLease help me its 2 questions and show work.

Answer 1

To find the interest you multiply the amount of $ he loan times the interest
$14,000 X 0.8 or $14,000 x %8 either way you enter it in the calculator you get the same answer $11,200 that would be the amount he paid for the first year so since you want to find how much he paid for 7yrs you multiply the
$11,200 X 7= $78,400 that's the answer for the first question

the answer to the second to question b:
multiply the amount he paid the first year times 5
$11,200 x 5= $56,000
the amount of money he saved would be the difference between the first answer and the second answer
76,400-56,000=22,400

Hope it helps

Answer 2

First convert the percentage into decimal
8%--> 0.08
use the formula A=P(rt+1)
p is principal
r is rate
t is time
14000(1+(0.08x7)) =21840



Do the same the second time but with time being 5
14000(1+(0.08x5))=19600
21840-19600
so he saves 2240