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Steve borrows $20,000 for a car at an annual interest rate of 8.5% for 5 years. What is the balance of his loan?

Steve borrows $20,000 for a car at an annual interest rate of 8.5% for 5 years. What is the balance of his loan?
asked 177k views
16 votes
Steve borrows $20,000 for a car at an annual interest rate of 8.5% for 5 years. What is the balance of his loan?

asked
User Tonisives
by
8.2k points

1 Answer

2 votes
8.5 x 5= 42.5 aka $42,500
answered
User Abdessamad Doughri
by
8.1k points
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