Question

Brian borrowed $22,000 to buy a car. The rate of interest was 9.5% and the length of time was 5 years. What will be Brian's total cost for his car?​

Answer 1

Compound interest

$34633.25

Explanation:

Everything starts of at 100% and the rate of interest is 9.5% so we add them on=109.5%

Now we want this percentage as a decimal so we divide by 100 = 1.095 this our multiplier

Then get the original amount that you borrowed = 6000 times by the multipler=1.095 to the power of number of years so

6000 multipled by 1.095 to the power of 5

Giving me $34633.25