Deleon Guerrero
10/06/2024 · Middle School

Laura wants to buy a new car but needs money for the down payment. Her parents agree to lend her money at an annual rate of \( 3^{\circ} \) a, charged as simple interest. They lend her \( \$ 5000 \) for 4 years, 5 he makes no payments except the one at the end of that time. Answer the following questions. If necessary, refer to the list of financial formulas. (a) How much total interest will Laura have to pay? (b) what will the total repayment amount be (including interest)?

UpStudy ThothAI Solution

Tutor-Verified Answer

Quick Answer

(a) Total interest: $600 (b) Total repayment amount: $5600

Step-by-step Solution

Elevate Your Learning
Unlock full answers and more with UpStudy Premium
Get AI Assistant
Answered by UpStudy AI and reviewed by a Professional Tutor
UpStudy ThothAI
Self-Developed and Ever-Improving
Thoth AI product is constantly being upgraded and optimized.
Covers All Major Subjects
Capable of handling homework in math, chemistry, biology, physics, and more.
Instant and Accurate
Provides immediate and precise solutions and guidance.
Try Now
Ask Tutors
Ask AI
10x
Fastest way to Get Answers & Solutions
By text

Enter your question here…

By image
Re-Upload
Uploaded Files
xxxx.png0%
Submit
📸 STUDY CAN BE A REAL STRUGGLE
Why Not UpStudy It?
Select your plan below
Premium

You can enjoy

  • Step-by-step explanations
  • 24/7 expert live tutors
  • Unlimited number of questions
  • No interruptions
  • Full access to answer and
    solution
  • Full Access to PDF Chat, UpStudy Chat, Browsing Chat
Basic
  • Limited Solutions