Answer:
The total amount of money needed to pay off the car after 6 years would be $11,800.
Explanation:
Write down the facts:
- The car costs $10,000
- The interest rate is 3%
- And you finished paying the loan off after 6 years
Interest = $10,000 * 0.03 * 6
This being $10,000, 3% interest rate and over 6 years.
Interest= $1800
This amount we found is the additional amount (interest) you have to pay with the $10,000. Now, to find the total amound we add the interest and $10,000.
Total amount = 10,000 + $1800
Total amount = $11,800
Therefore the total amount paid over 6 years (including the 3% interest rate) would be $11,800. I hope this helped!!!