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22 September, 05:54

Noah bought a new car costing 25350. He made a 20% down payment on the car and financed the remaining cost of the car for 5 years at 6.5%. How much interest did Noah pay on his car loan?

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Answers (2)
  1. 22 September, 06:05
    0
    Answer: Noah paid $6591 on his car loan.

    Step-by-step explanation:

    The amount of money paid as down payment for the car is

    20/100 * 25350 = 5070

    Therefore, the amount paid to finance the remaining cost of the car is

    25350 - 5070 = $20280

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the loan.

    P represents the principal or amount taken as loan

    R represents interest rate

    T represents the duration of the loan in years.

    From the information given,

    P = 20280

    R = 6.5%

    T = 5 years

    I = (20280 * 6.5 * 5) / 100 = $6591
  2. 22 September, 06:05
    0
    Answer:its $6591

    Step-by-step explanation:

    The amount of money paid as down payment for the car is

    20/100 * 25350 = 5070

    Therefore, the amount paid to finance the remaining cost of the car is

    25350 - 5070 = $20280

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the loan.

    P represents the principal or amount taken as loan

    R represents interest rate

    T represents the duration of the loan in years.

    From the information given,

    P = 20280

    R = 6.5%

    T = 5 years

    I = (20280 * 6.5 * 5) / 100 = $6591
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