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Sagot :
Marty will have to pay $18,000 for his $15,000 car.
While taking out a loan, the amount taken has to be repaid along with an interest. Thus, the amount paid back by the borrower is always greater than the initial amount that the borrower gets from the lender as a loan.
Here, we are given that Marty has to pay $500 per month for 3 years to repay the loan for his $15,000 car.
Thus, for one month he pays = $500
and also we know that 1 year = 12 months
⇒ 3 years = 12(3) = 36 months
Therefore, for 36 months Marty will have to pay,
500 × 36 = 18,000
Thus, Marty will have to pay $18,000 for his $15,000 car.
Learn more about installments here-
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