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March 24, 2017

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Amanda bought a car for $8,500. Her loan was for five years at a 4.6% interest rate. How much will Amanda pay for her car total, including interest?

  • dhs - ,

    I = PRT

    I = 8,500 * 0.046 * 5


    Add the interest to the principal.

  • dhs - ,

    8,500$ car, wow

    So if the interest rate is 4.6% for 5 years, she has to pay that percentage of the total cost each year. There is an equation for this, but to make it simpler ill tell you it this way:
    8500 Initial cost
    8500*1.046 cost after 1 year
    =8891
    8891*1.046 Cost after 2 years
    =9299.986

    And so continue on until you get to 5 years.

  • dhs - ,

    Mrs sue put the equation for a interest that was put to the initial price and collected annually, this is not what the question is asking for.

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