Interest Rate: 2.9% each year Starting Balance: $25,000 Time Passed: 4 years Round all answers to...
Interest Rate: 2.9% each year
Starting Balance: $25,000
Time Passed: 4 years
Round all answers to the nearest dollar (no cents, no dollar sign, use commas where appropriate.
(This might be the amount of your new car loan. Look how much
interest you pay if you pay off the car in 4 years. Consider
driving your old car longer and saving up more for your down
payment so you don't spend as much on interest.)
How much interest has accrued if we are using simple
interest?
What is the new total balance?
Homework Answers
Annual Interest Rate = 2.9% (simple interest), Original Loan = $ 25000 and Loan Tenure = 4 years
Accrued Interest = Time x Interest Rate x Original Loan = 4 x 0.029 x 25000 = $ 2900
New Total Balance = Original Loan + Accrued Interest = 25000 + 2900 = $ 27900
Add Answer to:
Interest Rate: 2.9% each year
Starting Balance: $25,000
Time Passed: 4 years
Round all answers to...
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