Ask Question
3 August, 18:29

Karen took out a $9,000 personal loan to purchase a car. The loan has a 4-year term and a 5% interest rate. If Karen's monthly payments are $207.26, what is the amount of interest she will have to pay on her loan?

+2
Answers (1)
  1. 3 August, 19:22
    0
    Karen will have to pay $9,450 back to the bank. If Karen gives monthly payments of $207.26, she will be able to pay off her loan in around 3.6 years.

    Step-by-step explanation:

    5% of 9,000 is 450

    9,000+450=9,450

    Karen will have to pay $9,450 back to the bank where there is a 5% interest rate.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Karen took out a $9,000 personal loan to purchase a car. The loan has a 4-year term and a 5% interest rate. If Karen's monthly payments are ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers