SOLUTION: The car Hector has chosen costs $24,000. Most car loans are calculated using simple interest, a method which interest is calculated only once per year. His first option is a loan

Question 1149464: The car Hector has chosen costs $24,000. Most car loans are calculated using simple interest, a method which interest is calculated only once per year. His first option is a loan with 3% interest over six years. How much will Hector pay over the course of the next six years if he chooses this option? Answer (round your answer to the nearest dollar)
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!

( He will pay interest + principle over 6 yrs )

He ends up paying $28,320.00
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