# dhs

posted by .

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.

## Similar Questions

1. ### Finance

Five years ago, you bought a house for \$151,000. You had a down payment of \$30,000, which meant you took out a loan for \$121,000. Your interest rate was \$5.75% fixed. You would like to pay more on your loan. You check your bank statement …

Five years ago, you bought a house for \$151,000. You had a down payment of \$30,000, which meant you took out a loan for \$121,000. Your interest rate was \$5.75% fixed. You would like to pay more on your loan. You check your bank statement …
3. ### algebra 1

Amanda invested a total of \$3,600 into three separate accounts that pay 5%, 7%, and 9% annual interest. Amanda has four times as much invested in the account that pays 9% as she does in the account that pays 5%. If the total interest …
4. ### Math

Maya bought a car for \$15,000. To pay for it, she took a bank add-on interest loan at an annual interest rate of 9%. The loan term is 5 years. How much interest will she pay and what are her monthly payments?
5. ### Algebra

This assignment is about a car loan. A financial institution in your community is advertising "Simple Interest Car Loans." Here is their ad. "Looking for an attractive loan for the car of your dreams?
6. ### math

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?
7. ### consumer math

Alisha has a five-year car loan of \$15,000 with an interest rate of 6 percent. If the interest is compounded annually, how much will she pay in total for her car?
8. ### Math Check My Work Please 2

15. Lisa takes a loan of \$10,500 at a 9% simple interest rate for 7 years. a. How much interest will she pay after 3 years?
9. ### Math

Lisa takes a loan of \$10,500 at a 9% simple interest rate for 7 years. a. How much interest will she pay after 3 years?
10. ### algebra 1

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?

More Similar Questions