Cleo buys a new car for $18,900. The simple interest rate is 6.6% and the amount of loan (plus simple interest) is repayable in 5 years. What is the total amount that must be repaid?
Added by Tracy P.
Step 1
The formula for simple interest is I = PRT, where: - I is the interest - P is the principal amount (the initial amount of money) - R is the annual interest rate (in decimal form) - T is the time the money is invested for (in years) So, in this case: - P = Show more…
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