Question

Alicia borrowed $15,000 to buy a car. She borrowed the money at 8% for 6 years. What is the interest she will pay for the loan?

Answer 1

$351.94 hopes this helps :)

Answer 2

Answer: The interest that she will pay for the loan is $7,200.

Step-by-step explanation:

Hi, to solve this problem we have to apply the simple interest formula:

A= P (1+rt)

Where:

A = amount

P= principal= $15000

r= interest rate = 8% =0.08( decimal form)

t = time =6 years

So, with the information given:

A= $15,000 (1 + 0.08x6)

A= 15,000 x 1.48

A = 22,200

Finally we subtract the principla to the amount, to obtain the interest paid:

• 22,200-15,000= 7,200

The interest that she will pay for the loan is $7,200.