Erin wants to buy a new car. To do this, she takes out a loan of $24,000. The loan is to be repaired in seven years with an interest of 12% per annum. What is the total amount of interest she pays?

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asked Jan 26, 2024 214k views

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Erin wants to buy a new car. To do this, she takes out a loan of $24,000. The loan is to be repaired in seven years with an interest of 12% per annum. What is the total amount of interest she pays?

Mathematics
college

Rmaxx asked

by Rmaxx

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Hi! Erin will end up paying a total of $20,160 in interest over the seven-year term of the loan.

Venkat Ch answered Feb 1, 2024

by Venkat Ch

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