Jamal is going to borrow 14000 from his credit union to buy a used car. the APR is 7.0% and the length of the loan is 4 years. how much will jamal pay in interest

Question

Mathematics

Everett Lawrence

20 November, 05:21

Jamal is going to borrow 14000 from his credit union to buy a used car. the APR is 7.0% and the length of the loan is 4 years. how much will jamal pay in interest

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Answers (1)

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Carlie Hardin · Answer 1

The formula to use here would be:

A = P (1+r) ^t where P is the principal (starting) amount, r is the rate of interest, and t is time. Knowing this, plug in your values:

A = 14,000 (1+0.07) ^4 once worked out, you should get $18,351.14414 < this is the total amount he would be paying at the end of 4 years. to find the interest, subtract this amount from the principal amount (14,000):

$18,5351.14414 - 14,000 = 4,351.14414 < this is the amount of interest. Round your answer.

Answer: Jamal will pain $4,351.14 interest.