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A car loan of $15,000 is taken for 3 years at an annual interest rate of 8%. What is the simple interest payable?
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- Find the interest paid on a loan of $2,700 for one year at a simple interest rate of 11% per year. The interest on a loan is SSuppose that you borrow $11,000 for four years at 6%toward the purchase of a car. Find the monthly payments and the total interest for the loan.You plan to borrow $10,000 from the bank. For a four-year loan, the bank requires annual end-of-year payments of $3,223.73. What is the annual interest rate on this loan?
- A loan of $10,000 is taken at an annual interest rate of 6% for 5 years. What is the total interest payable under simple interest? ExpalSuppose that you borrow $17,000 for five years at 6% toward the purchase of a car. Find the monthly payments and the total interest for the loan. The monthly payment is $A loan of $10,000 is taken at an annual interest rate of 6% for 5 years. What is the total interest payable under simple interest?
- An amount of $15,000 is borrowed from a bank to finance a purchase of a new car for a period of 4 years. The banks offers the loan with 5% annual interest rate. What will be the fixed monthly payments?Suppose that you borrow $20,000 for four years at 8% toward the purchase of a car. Find the monthly payment and the total interest for the loan.You are borrowing $10,000 over a two-year period. The annual percentage rateis 4.5%.1) What is the monthly payment?2) What is the total amount paid for loan? 3) What is the total interest paid for the loan?
- Suppose you borrow 11,000 for 5 years at 6% towards the purchase of a car. What would be the monthly payments and total interest for the loan?What is the monthly car payment on a 5 year $17,500 car loan at 5% annual interest?If a consumer borrows a loan of $23, 000, and pay it off in 5 years, including the finance charges of $1, 000, What is the effective annual rate of interest?
