Raymond bought a car for $40,000. He took a 20,000 loan from a bank at an interest rate of 15% per year for a 5 - year period. What is the total amount ( interest and loan) that he would have to pay rhe bank at the end of 5 years
Added by Michael G.
Step 1
The interest rate is 15% per year, so we can find the annual interest by multiplying the loan amount by the interest rate: Annual interest = $20,000 * 15% = $20,000 * 0.15 = $3,000 Now, we need to find the total interest for the 5-year period: Total interest = Show more…
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