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