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Mathematics

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3. You purchase a car using a $20,000 loan with a 5% simple interest rate.
(a) Suppose you pay the loan off after 4 years. How much interest do you pay on your loan? Show your work.
(b) Suppose you pay the loan off after 2 years. How much interest do you save by paying the loan off sooner? Show your work.

Answer :

Emmanuelevolved Emmanuelevolved

Today at 6:27 AM

(a) 20,000 × 5/100 × 4 = $4000( interest)

(b) 20000 × 5/100 × 2 = $2000 (interest)

How much do you save = $4000 - $2000 = $2000

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