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You borrow $500 from a local bank to purchase your first car. the Loan has a rate of 12% simple interest. if you do not make any payments that year, how much interest will you o…

You borrow $500 from a local bank to purchase your first car. the Loan has a rate of 12% simple interest. if you do not make any payments that year, how much interest will you o…
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5 votes
you borrow $500 from a local bank to purchase your first car. the Loan has a rate of 12% simple interest. if you do not make any payments that year, how much interest will you owe at the end of the year

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User Soully
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9.0k points

1 Answer

7 votes
it would be $567.20 at the end of the year
answered
User Jon Eastwood
by
8.0k points
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