Question

I really need help here i dont get how to do this just anyone i really need it here

Craig just purchased a new sports car. He financed $45,000 and must pay it back over 5 years with 11% interest.

How much will Craig have paid in interest by the time his car is paid off? (just put the numerical value, no $ sign) it is 24750

How much will he have paid in all for his car, including interest after 5 years? (just put the numerical value, no $ sign)

show work plz

Answer 1

i = P*r*t

i = 45000*0.11*5

i = 24750 is the amount of interest Craig pays back

This is on top of the original amount he financed, aka borrowed, so we add the amount of interest to the principal to get 45000+24750 = 69750

Answer: 69750