Question

Michaela buys a new car for $31,600. The simple interest rate is 5.6% and the amount of loan (plus simple interest) is repayable in 6 years. What is the total amount that must be repaid?

Round your answer to the nearest dollar and do not round until the final answer.

Answer 1

The simple interest rate is 6.6% and the amount of loan (plus simple interest) is repayable in 5 years. What is the total amount that must be repaid? ...