Question

Dr. Moore took out a $60,000 simple interest loan to purchase a Tesla. His loan has an interest rate of 4% annually and he plans on paying on the loan for 5 years. After 5 years, how much would Dr. Moore have paid for the Tesla?

Answer 1

1# He will be paying $200 monthly

2# He would payed $72,000

Explanation:

Answer 2

$72,999.17

Explanation:

60000*1.04^5=72999.17414