SOLUTION: For a car loan using simple interest at a given rate, the amount of interest charged varies jointly with the loan amount (also known as the principal) and the time of the loan (in
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Question 906414: For a car loan using simple interest at a given rate, the amount of interest charged varies jointly with the loan amount (also known as the principal) and the time of the loan (in years). If a $15,000 car loan earns $2,610 in simple interest over 6 years, how much interest will $32,000 car loan earn over 7 years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
For a car loan using simple interest at a given rate, the amount of interest charged varies jointly with the loan amount (also known as the principal) and the time of the loan (in years). If a $15,000 car loan earns $2,610 in simple interest over 6 years, how much interest will $32,000 car loan earn over 7 years?
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I = P*r*t
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Solve for "r":
2610 = 15000*r*6
r = 2610/90000 = 0.029
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Solve for "I"
I = 32000*0.029*7
I = $6496
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Cheers,
Stan H.------------
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