Craig just purchased a new sports car. He financed $45,000 and must pay it back over 5 years with 11% interest. Hiw much will he have paid i

Question

Craig just purchased a new sports car. He financed $45,000 and must pay it back over 5 years with 11% interest. Hiw much will he have paid in interest by the time his car is paid off?

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  1. Charlotte
    0
    2021-09-06T11:20:29+00:00

    The amount Craig financed at the beginning(P) = 45000

    Number of years he took to repay(T) = 5

    Rate of interest(R) = 11%

    Total interest he paid = \frac{PTR}{100}

    =\frac{45000(5)(11)}{100}

    = 450 × 55 = 24,750

    Hence, interest paid by him by the time his car is paid off was $24750.

  2. Charlotte
    0
    2021-09-06T11:20:38+00:00

    Answer:

    The amount Craig financed at the beginning(P) = 45000

    Number of years he took to repay(T) = 5

    Rate of interest(R) = 11%

    Total interest he paid =

    = 450 × 55 = 24,750

    Hence, interest paid by him by the time his car is paid off was $24,750

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