document.write( "Question 1194762: You take out a loan of $15,000 to purchase a car.\r
\n" ); document.write( "\n" ); document.write( "If your loan is for 3 years at a simple interest rate of 10.5%, find out how much interest and the total amount paid for the loan. \n" ); document.write( "

Algebra.Com's Answer #827367 by MathTherapy(10551) $\"\"$ $\"About$

You can put this solution on YOUR website!
You take out a loan of $15,000 to purchase a car.\r
\n" ); document.write( "\n" ); document.write( "If your loan is for 3 years at a simple interest rate of 10.5%, find out how much interest and the total amount paid for the loan.
\n" ); document.write( "

Total amount paid, or Future Value of the $14,000 loan, or FV = P(1 + TR) = 14,000(1 + 3 * .105) = $19,725.\r\n" );
document.write( "\r\n" );
document.write( "Of the $19,725 paid, $15,000 was the principal or loan amount, so interest paid on the loan = $19,725 - $15,000 = $4,725.

\n" ); document.write( "

\n" );