Mathematics
linda20022
19

You borrow $10,000 to buy a car. The simple interest rate is 3%. You pay the loan off after 6 years. What is the total amount you paid for the loan?

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(1) Answers
Czarny333

You borrow $10,000 to buy a car. The simple interest rate is 3%. You pay the loan off after 6 years.  Let's solve for the total amount you need to pay. => 10 000 * 0.03 =  300 dollars per year => 300 * 6 years = 1800 dollars in 6 years, => 10 000 + 1800 = 11 800 dollars.

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