MAGIE353
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Zaley buys a used car for $8,000. She takes out a loan at 8.5% simple interest for 4 years to pay for the car. How much will Zaley end up paying for the car? * $10,720 $2,720 $8,680


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Respuesta :

calculista

Answer:

[tex]\$10,720[/tex]

Step-by-step explanation:

we know that

The simple interest formula is equal to

[tex]A=P(1+rt)[/tex]

where

A is the final loan amount

P is the initial loan amount

r is the rate of interest  

t is Number of Time Periods

in this problem we have

[tex]t=4\ years\\ P=\$8,000\\ r=8.5\%=8.5/100=0.085[/tex]

substitute in the formula above

[tex]A=8,000(1+0.085*4)[/tex]

[tex]A=8,000(1.34)[/tex]

[tex]A=\$10,720[/tex]

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