Homework Help: dhs

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.

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