Question

pete took out a 48 month loan for $5,200 to buy a used mortorcycle. if the simple interest rate is 8.5 % how much will he have paid in total at the end of the loan?

Answer 1

23904 (please correct me if i'm wrong, i'm a bit rough on this)

Explanation:

5,800 x 0.085 (or 8.5%) = 493

493 x 48 = 23904

Answer 2

Answer:he would have paid $6,968.00

Explanation:

5200x0.085=442. 42/12=4. 4x422=1768

1768+5200=6968