Question

Stephanie financed a car for $14000 at a simple interest rate of 8%. She financed the car for 3 years. How much interest did Stephanie pay at the end of 3 years?

Answer 1

$3,360

Explanation:

Interest = Principal x Interest Rate x Time

Interest = $14,000 x 0.08 x 3

Interest = $3,360

Hence the total Interest paid by Stephanie would be $3,360