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Nick buys a car for $15,000. He gives the car dealer $5,000 and borrows the rest of the money at 7% simple interest for 5 years. What is the total amount of interest he will hav…

Nick buys a car for $15,000. He gives the car dealer $5,000 and borrows the rest of the money at 7% simple interest for 5 years. What is the total amount of interest he will hav…
asked 178k views
2 votes
Nick buys a car for $15,000. He gives the car dealer $5,000 and borrows the rest of the money at 7% simple interest for 5 years. What is the total amount of interest he will have to pay on the loan?

asked
User Ainwood
by
7.9k points

1 Answer

7 votes

Answer: $3,500

Step-by-step explanation: 15000-5000=10000

0.7*10,000=700.

700*5=$3,500

answered
User Amol Pujari
by
7.7k points
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