Question

James received a $3,000 car loan, she plans to pay it off in 2 years. James will have paid $480 of interest at the end of the two years.

What is the interest rate on the car loan?

Answer 1

To use the simple interest formula, I = Prt, we substitute in the values for ... Find the principal invested if $178 interest was earned in 2 years at ... In 4 years his brother paid him back the $3,000 plus $660 in interest. ... new car loan statement said he would pay $4,866.25 in interest from ... Get Page Citation.

Explanation: