How many years will it take him to pay off the loan, Mathematics

Assignment Help:

Joe took out a car loan for $12,000. He paid $4,800 in interest at a rate of 8% per year. How many years will it take him to pay off the loan?

Using the easy interest formula Interest = principal × rate × time, or I = prt, substitute p = $505, r = .05 (the interest rate as a decimal) and t = 4; I = (505)(.05)(4). Multiply to obtain a result of I = $101.

 

 


Related Discussions:- How many years will it take him to pay off the loan

Mrs. farrell''s class has 26 students how many were absent, Mrs. Farrell's ...

Mrs. Farrell's class has 26 students. Just 21 were present on Monday. How many were absent? Subtract the number of students present from the total number within the class to de

What could the dimensions of the floor be in terms of x, Harold is tiling a...

Harold is tiling a rectangular kitchen floor with an area that is expressed as x 2 + 6x + 5. What could the dimensions of the floor be in terms of x? Because area of a rectang

Partial Differential Equations Walter A Strauss, Find the full fourier Seri...

Find the full fourier Series of e^x on (-l,l)in its real and complex forms. (hint:it is convenient to find the complex form first)

Retail price index, Retail price index This is weighted average of pri...

Retail price index This is weighted average of price relatives based on an average household in the base year. The items consumed are divided into groups as liker food, transp

Please help me solve these Problems step by step, What angle (to the neares...

What angle (to the nearest degree) corresponds to the cos 0.6 or what is cos-1(0.6)? (Note: Use Appendix I) What angle (to the nearest degree) corresponds to the sin 0.6 or what

Initial conditions to find system of equations, Solve the subsequent IVP. ...

Solve the subsequent IVP. y′′ + 11y′ + 24 y = 0 y (0) =0  y′ (0)=-7  Solution The characteristic equation is as r 2 +11r + 24 = 0 ( r + 8) ( r + 3) = 0

Probability, the probability that an account officer will pass her exam is ...

the probability that an account officer will pass her exam is 5/9. if she pass,the probability that she will be promoted is 3/4. she is not promoted if she fails her professional e

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd