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April borrows $21000 at an interest rate of 3% to purchase a new automobile. At what rate (in dollars per year) must she pay back the loan, if the loan must be paid off in 5 years?
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April borrows $21000 at an interest rate of 3% to purchase a new automobile. At what rate (in dollars per year) must she pay back the loan, if the loan must be paid off in 5 years?

User Hestellezg
by
8.2k points

2 Answers

6 votes

Answer:

7000 per year. 3000 interest

Explanation:

User Joseph Myers
by
9.3k points
0 votes

Answer:

$18,000

rate of 5 %

Explanation:

User Frakon
by
8.0k points
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