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Hannah is taking out a 8.1% loan to purchase an $15,000 car. The length of the loan is 8 years. How much will she pay in interest?
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1 vote
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Hannah is taking out a 8.1% loan to purchase an $15,000 car. The length of the loan is 8 years. How much will she pay in interest?

User Sochas
by
2.6k points

1 Answer

11 votes
11 votes
We know simple Interest (SI) = prt/100 where p = principal amount i.e $18,000, r = rate of interest i.e. 4.3% and t = time i.e. 8 years.
So, SI =
18
,
000
×
4.3
×
8
100
⇒
6192
User Swati
by
2.3k points
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