Question

Calculate Jayden's simple interest on a 5-year car loan for $33,486 at 2.38%.

Answer 1

$3984.83.

Step-by-step explanation:

`Simple\: Interest=(Principal* Rate* Time)/(100)`

In this particular case:

• The principal/loan amount = $33,486.

,

• Rate = 2.38%.

,

• Time = 5 years.

Substituting these into the formula above:

`\begin{gathered} Simple\: Interest=(33,486*2.38*5)/(100) \\ =\$3984.83 \end{gathered}`

Jayden's simple interest is $3984.83.