Cindy takes out an $8,000 loan to buy a camper. The lowest simple interest rate she can find is 3%. After 5 years, what is the total cost of the loan?

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asked Apr 12, 2021 57.5k views

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VladV · Answer 1 · 2021-04-16T02:22:45+0000

The answer is 9,274$ what you do is

1. 8,000+3%=8,240
2. 8,240+3% of 8,240 and so on so forth so basically what you do is take 3% of the last sum and add that to get the new sum

Cindy takes out an $8,000 loan to buy a camper. The lowest simple interest rate she can find is 3%. After 5 years, what is the total cost of the loan?

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