Question

If you borrowed $1450 to buy a used car at a rate of 10% interest and planned on paying it back in 4 years, what is the total amount you would pay back?

Answer 1

Principal= $1450
Rate per annum= 10%
Time = 4 yeaars

Simple Interest= P * R * T / 100
                        = 1450 * 10 * 4 /100
                        = 58000 / 100
                        = $580
Amount = P+I
             = 1450+580
             = $2030

Amount to be paid at the end of 4 years = $2030

Answer 2

Answer:

Step-by-step explanation: Borrowed 1450

rate 10 percent

pay back in 4 yeas

(1450) (.10) (4) which is 580

1450 plus 580

2030