Question

Juan bought a pickup truck for $16,000. He paid $1,000 down and borrowed the rest on a one year note at 16% interest. How much will he owe at the end of one year?

Answer 1

Hello @lolhelpmepls,

How are you doing? Lets get straight to the point :)

(Assuming simple interest (no compounding) and no payments during the year, he will owe $17,400 at the end of the one year period.) In order to get this answer you need to:

1. Grab the Principle =
`$15,000`
2. Format the equation =
`$2,400 * ($15,000 * .16)`
________________________________________________
3. Get your Total Of =
`$17,400`

I hope that I helped, if you need anything contact me! :)

Thank you,
Darian D.