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Patty is taking out a simple interest loan to buy her new $10,689 car. How much would she pay in interest if the rate is 4.5% and she pays the loan off in 4 years?

Patty is taking out a simple interest loan to buy her new $10,689 car. How much would she pay in interest if the rate is 4.5% and she pays the loan off in 4 years?
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Patty is taking out a simple interest loan to buy her new $10,689 car. How much would she pay in interest if the rate is 4.5% and she pays the loan off in 4 years?

User Tom Leys
by
8.2k points

1 Answer

6 votes
I = PRT
P = 10689
R = 4.5% (turn this to a decimal) = 0.045
T = 4

I = (10689)(0.045)(4)
I = 1924.02 <==
User Pavel Radzivilovsky
by
8.4k points
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