shyannhoward783
Answered

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Dario borrows $12,000 to buy a car. He borrows the money at a yearly, or annual, simple interest rate of 4.2%. How much more interest will Dario owe if he borrows the money for 5 years instead of 1 year?
ITS URGENT HURRY!!!!!

Sagot :

mhanifa

Answer:

  • $2016 more

Step-by-step explanation:

  • Borrowed amount = $12000
  • Interest rate = 4.2% per year simple

Interest in 1 year:

  • $12000*4.2/100 = $504

Interest in 5 years:

  • $12000*4.2*5/100 = $2520

The difference between 1-year interest and 5-year interest:

  • $2520 - $504 = $2016
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