Register

April borrows $21000 at an interest rate of 3% to purchase a new automobile. At what rate (in dollars per year) must she pay back the loan, if the loan must be paid off in 5 yea…

April borrows $21000 at an interest rate of 3% to purchase a new automobile. At what rate (in dollars per year) must she pay back the loan, if the loan must be paid off in 5 yea…
asked 70.7k views
2 votes
April borrows $21000 at an interest rate of 3% to purchase a new automobile. At what rate (in dollars per year) must she pay back the loan, if the loan must be paid off in 5 years?

asked
User Hestellezg
by
8.2k points

2 Answers

6 votes

Answer:

7000 per year. 3000 interest

Explanation:

answered
User Joseph Myers
by
9.1k points
0 votes

Answer:

$18,000

rate of 5 %

Explanation:

answered
User Frakon
by
8.0k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!