Question

PLEASE HURRYYYYY Keith takes out a 35,000 loan to purchase a new car. The loan has an interest rate of 3.11%, and Keith will pay the loan back in 5 years with monthly payments of $631. How much will Keith end up paying in interest after paying his car off in 5 years?

Answer 1

Answer:

2,860.00

I found the answer

Answer 2

Keith takes out a 35,000 loan to purchase a new car. Keith end up paying in interest after paying his car off in 5 years will pay $5442.50.

How to calculate a simple interest amount?

If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest, then the interest amount earned is given by:

$I = \dfrac{P \times R \times T}{100}$

Keith takes out a 35,000 loan to purchase a new car.

The loan has an interest rate of 3.11%, and Keith will pay the loan back in 5 years with monthly payments of $631.

Simple interests

$I = \dfrac{P \times R \times T}{100}$

$I = \dfrac{35,000 \times 3.11\times 5}{100}\\\\I = 5442.50$

Learn more about simple interests here:

https://brainly.com/question/5319581

#SPJ2