Dr. Jones took out a loan for a van that could be equipped with veterinarian supplies for visits to animal shelters. The van cost $22,500 and the loan was for 4 years. If the interest rate was 4.5%, how much will be paid?

Question

Mathematics

King Kirby

30 January, 21:33

Dr. Jones took out a loan for a van that could be equipped with veterinarian supplies for visits to animal shelters. The van cost $22,500 and the loan was for 4 years. If the interest rate was 4.5%, how much will be paid?

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Answers (2)

Know the Answer?

Alicia Arroyo · Answer 1

Alicia Arroyo 30 January, 23:47

0

The answer I got was 4,050

Amiya West · Answer 2

Basically what you have to do is multiply all the numbers (22,500, 4, and 4.5)

But for the interest rate after conversion it would be 0.045.

So now all, what you have to do is multiply 22,500 times 4 times 0.045 and boom you get your answer.

The concept is very simple. If you wanna learn more search up the interest formula!

Good Luck!