> > Mr. Chavis needed to take out a loan for $74,400 for a 2016 XJ luxury Jaguar sedan.

Mr. Chavis needed to take out a loan for $74,400 for a 2016 XJ luxury Jaguar sedan.

If he takes 5 years to pay off the loan at a rate of 5.5%, how much...

141 Views

Mr. Chavis needed to take out a loan for $74,400 for a 2016 XJ luxury Jaguar sedan.

If he takes 5 years to pay off the loan at a rate of 5.5%, how much will he pay in interest at the end of the 5 years?

Answer

Mr. Chavis will pay $20,460 in interest at the end of 5 years.
Simple interest will be computed by multiplying the principal to its interest rate and term.
I = P x r x t P = 74,400 r = 5.5% or 0.055 t = 5 yrs I = 74,400 x 0.055 x 5 i = 20,460

To see more answers head over to College Study Guides
Virtual Teaching Assistant: John B.
Question Level: Basic
Karma: Free
Upload Date: 5/31/2017

This 46 words question was answered by John B. on StudySoup on 5/31/2017. The question contains content related to Math Since its upload, it has received 141 views.

Recommended Questions