If Sally purchases a car for $22,000 with a 5 year loan having a 2.5% interest rate, how much simple interest will she have to pay on the loan?

Harbinger asked Dec 1, 2022

296,860 views

31 votes

Harbinger asked Dec 1, 2022

3.3k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

16 votes

Answer:

$2750 worth of simple interest

Explanation:

The equation for simple interest is to multiply the amount by the time by the rate:

22000 * 5 * 0.025 = 2750

Summit answered Dec 7, 2022

2.8k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers