Ask Question
5 June, 21:03

Jimmy owes $29,500 for a car loan to be repaid in 36 months. If the interest rate is 7.375%, then how much interest will he pay?

How to solve this problem step-by-step.

+1
Answers (1)
  1. 5 June, 21:54
    0
    Interest=Principle*rate*time or I=P*r*t

    Principle=29500

    Rate = 7.375% = 0.07375

    Time = 36 months = 3 years

    I=29500*0.07375*3

    I=2175.625*3

    I=6526.875≈6526.88

    Solution: He will pay about $6526.88 in interest.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Jimmy owes $29,500 for a car loan to be repaid in 36 months. If the interest rate is 7.375%, then how much interest will he pay? How to ...” 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