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20 February, 23:34

Keshon gets a loan for $4,000 to buy a car. It will take him 3 years to pay off the loan He will be charged 6.5% simple interest. How much interest will he pay over 3 years

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  1. 20 February, 23:55
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    He will pay 780$ after 3 years
  2. 21 February, 00:04
    0
    We can use the interest formula:

    Let i = interest.

    Let p = principal

    Let r = interest rate

    Let t = time.

    I = p * r * t. Plug in our numbers

    6.5% = 0.065

    I = $4,000 * 0.065 * 3 = $780.

    He will pay $780 in interest after 3 years.
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