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Joseph took out a loan from the bank to purchase a new car. The initial loan amount was for $25,000 with an interest rate of 3.5%. If Joseph takes 5 years to pay off the loan, what is the total amount
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Joseph took out a loan from the bank to purchase a new car. The initial loan amount was for $25,000 with an interest rate of 3.5%. If Joseph takes 5 years to pay off the loan, what is the total amount he will have paid for the car?

User Vicky Kapadia
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4.7k points

1 Answer

10 votes
3.5% • 5 = 17.5%

$25,000 • 17.5% = $437,500

i hope this is correct
User Nsevens
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