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You purchase a car using a 20,000 loan with a 5% interest rate suppose you pay the loan off after 4 years how much interest do you pay on your loan suppose you pay the loan off …

You purchase a car using a 20,000 loan with a 5% interest rate suppose you pay the loan off after 4 years how much interest do you pay on your loan suppose you pay the loan off …
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You purchase a car using a 20,000 loan with a 5% interest rate suppose you pay the loan off after 4 years how much interest do you pay on your loan suppose you pay the loan off after 2 years how much interest do you save by paying the loan off sooner

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User Dave Weston
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1 Answer

4 votes
In 4 years you pay interest of 4000 and if you finish pay the loan in two years you pay only 2000
answered
User Roberto Aloi
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8.6k points
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