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6 August, 09:09

Madison is buying a $3,000 car at 9% simple interest for 2 years. What will be the total amount she pays for the car?

$3,090

$3,180

$3,270

$3,540

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Answers (1)
  1. 6 August, 09:15
    0
    The correct answer is D. $ 3,540

    Step-by-step explanation:

    1. Let's review the information given to us to answer the question correctly:

    Amount of the loan = $ 3,000

    Interest rate = 9% annual simple interest = 0.09

    Years to pay the loan = 2 years

    2. What will be the total amount she pays for the car?

    Total amount Madison will pay for the car = Amount of the loan * [1 + (Interest rate * Number of years) ]

    Total amount Madison will pay for the car = 3,000 * [1 + 0.18]

    Total amount Madison will pay for the car = 3,000 * 1.18

    Total amount Madison will pay for the car = 3,540

    The correct answer is D. $ 3,540
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