I am paying a brand new car for 5 years, the price is 20,000$. And there’s 11% of interest what is the final price ?
To calculate the final price of the car, you need to consider the interest over the 5-year period.
First, calculate the interest amount for 5 years:
Interest = Principal Amount * Interest Rate * Time
= 20,000 * (11/100) * 5
= 11,000
Next, add the interest amount to the principal amount:
Final Price = Principal Amount + Interest Amount
= 20,000 + 11,000
= 31,000
Therefore, the final price of the car, including interest, is $31,000.