Question

Sam takes out a car loan of $12,000 at a simple interest rate of 7.9% per year. How much interest will he owe after 3 years?

Answer 1

$ 2844

Explanation:

P =$12,000

r = 7.9%

t = 3 years

I = Prt/100

`=(12000*7.9*3)/(100)\\\\=120*7.9*3`

= $ 2844