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You want to buy a new car. The bank offers you a loan for $30,000 at a 3% interest rate. You are willing to pay $4,500 in interest over the life of the loan. In how many years m…

You want to buy a new car. The bank offers you a loan for $30,000 at a 3% interest rate. You are willing to pay $4,500 in interest over the life of the loan. In how many years m…
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You want to buy a new car. The bank offers you a loan for $30,000 at a 3% interest rate. You are willing to pay $4,500 in interest over the life of the loan. In how many years must you pay off the loan to meet your goal?

asked
User Kamini
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7.6k points

1 Answer

7 votes
In 5 years you must pay off the loan
answered
User Timon De Groot
by
8.9k points
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