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You took out a loan for $15,000 for 3 years with an interest rate of 3.5%. Including interest, how much will you pay total?

User Tim Jones
by
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2 Answers

4 votes

Final answer:

The total amount paid will be $16,575.

Step-by-step explanation:

To calculate the total amount paid, we need to use the formula for compound interest:

Total Amount = Principal + Interest

Principal refers to the initial loan amount, which is $15,000 in this case. Interest can be calculated using the formula:

Interest = Principal x Interest Rate x Time

Plugging in the given values, we have:

Interest = $15,000 x 0.035 x 3 = $1,575

Therefore, the total amount paid will be:

Total Amount = $15,000 + $1,575 = $16,575

User Zach Gates
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7.6k points
5 votes

Answer:

39%

Step-by-step explanation:

User Kenny Linsky
by
8.4k points

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