My cousin borrowed $18,000 for a new car loan for 6 years. He told me that at the end of the loan, he had paid $25,560 for the interest and principal. What was the rate of the loan?
A. 7%
B. 8%
C. 9%
D. 10%

Question

05-02-2021
Mathematics

Answered

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My cousin borrowed $18,000 for a new car loan for 6 years. He told me that at the end of the loan, he had paid $25,560 for the interest and principal. What was the rate of the loan?
A. 7%
B. 8%
C. 9%
D. 10%

Sagot :

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