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3. You purchase a car using a $20,000 loan with a 5% simple interest rate.
(a) How much interest do you pay on your loan if you pay off the loan in 4 years? Show your work.
(b) How much interest do you pay on your loan if you pay off the loan in 2 years? Show your work.
(c) How much interest do you save by paying the loan off in 2 years instead of 4? Show your work. Answer:

Respuesta :

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a)  $4000  (20,000 x .05 = 1000    1000 x 4 = 4000)
b)  $2000  (20,000 x .05 = 1000    1000 x 2 = 2000)
c)  $2000  (answer to a 4000  answer to b 2000;  4000 - 2000 = 2000)

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