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Sam takes out a car loan of $12,000 at a simple interest rate of 7.9% per year. How much interest will he owe after 3 years?

Sam takes out a car loan of $12,000 at a simple interest rate of 7.9% per year. How much interest will he owe after 3 years?
asked 212k views
4 votes
Sam takes out a car loan of $12,000 at a simple interest rate of 7.9% per year. How much interest will he owe after 3 years?

asked
User Andrey Stukalin
by
8.5k points

1 Answer

5 votes

Answer:

$ 2844

Explanation:

P =$12,000

r = 7.9%

t = 3 years

I = Prt/100


=(12000*7.9*3)/(100)\\\\=120*7.9*3

= $ 2844

answered
User Hanady
by
8.3k points
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