Question

jake buys a new car that costs $15,000 he borrowed from the bank with 3.5% compound interest per year. If it takes 7 years to pay off the loan, how much will he have paid for the car?

Answer 1

NVM MY ANSWER IS WRONG ITS INTEREST NVM SRRY

Explanation:

you can solve this by doing I=PRT

I=Interest (total which is

P= Principle ($15,000)

R= Rate (3.5% which turns to 0.35 bc you turn it into a decimal)

T= Time (7 years)

Once they are identified you mulitply them together:

(15,000)(0.35)(7)=36,750

I am sure that's the answer I'm sorry if I am wrong but I did this at the beginning of the year and got a 100% on my test so it should be correct! :)