Please allow ads on our site
Please log in to access this content. You will be redirected to the login page shortly.
LoginJan and Stewart Jones plan to borrow $20,000 for a new car. They are trying to decide whether to take out a 4-year or 5-year simple interest loan. The 4-year loan has an interest rate of 6% and the 5-year loan has an interest rate of 6.25%. How much will they repay with the 5-year loan? A. 2500 B.2600 C.26250 D.26500 plzzzz don't cheating!
Interview Questions Math 1 year ago
Posted on 18 Jan 2024, this text provides information on Math related to Interview Questions. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
No matter what stage you're at in your education or career, TuteeHUB will help you reach the next level that you're aiming for. Simply,Choose a subject/topic and get started in self-paced practice sessions to improve your knowledge and scores.
Similar Forum
Explore Other Libraries
Online Exams
Question Bank
Career News
Feeds
Full Forms
Dictionary
Interview Question
Gigs
Quotes
Lyrics
Videos
Courses
Blogs
Tutorials
Forum
Educators
Corporates
Tools
Please allow ads on our site
Please log in to access this content. You will be redirected to the login page shortly.
Login
AshjexBG AshjexBG![Tuteehub forum best answer]()
Best Answer
1 year ago
(C) $26250Step-by-step explanation:Given:Amount = $20,000Interest rate for 5 years loan = 6.25% p.a. (Simple interest)Find the interest for 1 year:1 year interest = 6.25% x 200001 year interest = 0.0625 x 200001 year interest = $1250Find the interest for 5 years:1 year = $12505 years = 1250 x 5 = $6250Find the total amount to be REPAID:Total = principal amount + interestTotal = 20000 + 6250 = $26,250Answer: (C) $26250
Click Here For Explanation