I am paying a brand new car for 10 years, the price is 20,000$. And there’s 11% of interest what is the final price ?
To calculate the final price of the brand new car with interest, you need to consider the interest rate and the duration of the loan.
First, convert the interest rate from percent to decimal form by dividing it by 100.
11% = 11/100 = 0.11
Next, multiply the loan amount by the decimal interest rate to find the total interest paid over the 10-year period:
Total Interest = $20,000 * 0.11 = $2,200
Finally, add the total interest to the original loan amount to get the final price:
Final Price = $20,000 + $2,200 = $22,200
Therefore, the final price of the brand new car, including the 11% interest over 10 years, is $22,200.