Posted by **madog** on Thursday, March 21, 2013 at 1:34pm.

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 -
**Ms. Sue**, Thursday, March 21, 2013 at 1:39pm
I = PRT

I = 8,500 * 0.046 * 5

Add the interest to the principal.

- dhs -
**MathMat**, Thursday, March 21, 2013 at 1:43pm
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 -
**MathMat**, Thursday, March 21, 2013 at 1:44pm
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.

## Answer This Question

## Related Questions

- math - Amanda bought a car for $8,500. Her loan was for five years at a 4.6% ...
- Math - Maya bought a car for $15,000. To pay for it, she took a bank add-on ...
- algebra 1 - Amanda invested a total of $3,600 into three separate accounts that ...
- consumer math - Alisha has a five-year car loan of $15,000 with an interest rate...
- Math - Lisa takes a loan of $10,500 at a 9% simple interest rate for 7 years. a...
- Math Check My Work Please 2 - 15. Lisa takes a loan of $10,500 at a 9% simple ...
- Finance - Five years ago, you bought a house for $151,000. You had a down ...
- Algebra - This assignment is about a car loan. A financial institution in your ...
- Math Finance please help - Five years ago, you bought a house for $151,000. You ...
- math - A sports car is on sale at the local dealership.The price discounted is $...

More Related Questions