Mathematics, 14.11.2020 01:00, cfonse11
1. You purchase a car using a $15,000 loan with a 5% simple interest rate.
(a) Suppose you pay the loan off after 4 years. How much interest do you pay on your loan? Show your work. (10 points)
(b) Suppose you pay the loan off after 2 years. How much interest do you save by paying the loan off sooner? Show your work. ( 5 points)
Answers: 3
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1. You purchase a car using a $15,000 loan with a 5% simple interest rate.
(a) Suppose you pay the...
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