A certain bank offers a car loan with a fixed annual interest rate. Justine applied for the loan and used the entire amount to buy a car worth $43,000. He had to pay the bank for five years for a total amount of $51,600. How much would be the yearly interest if Justine borrowed $50,000 instead? *0 points

Answers

Answer 1
Answer:

Answer: $10000

Step-by-step explanation:

From the question,

Principal = $43000

Time = 5 years

Rate = Unknown

Simple Interest = $51,600 - $43000 = $8600

We need to calculate the rate of interest which will be:

Interest = PRT/100

8600 = (43000 × 5 × Rate) / 100

Cross multiply

8600 × 100 = 215000 × Rate

Rate = 860000 / 215000

Rate = 4%

Assuming Justine borrowed $50,000 instead, the yearly Interest will be:

= (50000 × 5 × 4%)

= 50000 × 5 × 0.04

= $10000


Related Questions

The radius r of a circle can be written as a function of the area A with the following equation: What is the domain of this function? Explain why it makes sense in this context.
5x + 3 = x + 11Please help fast thankyou
Can yall help meee please
(12x - 1.7) - (17x + 6.7) =
Brainliest for correct answer

You want to take 10 lessons at a swim club. You can pay a membership fee of $20 plus a fee per lesson. You can also decide no to pay a membership fee. In that case, the fee per lesson is $3 more. Is there any lesson fee for which these two plans cost the same?

Answers

Answer:

x = 1

Step-by-step explanation:

Plan A: 20 + 10x

Where, x = fee per lesson

Plan B: $3 × 10 lessons = $30

Equate plan A and plan B

Plan A = Plan B

20 + 10x = 30

10x = 30 - 20

10x = 10

x = 10/10

= 1

x = 1

I need help!!! Please help me!!

Answers

i think the second one

The financial analyst at a small video game company develops the expression3.59g – 4960 to estimate the amount of profit per game sold (g) for a version upgrade of
one of its games. The company sets a goal of $75,000 profit on the game for the first
month of its roll out. How many games does the company need to sell in order to reach its
profit goal?
explain your work

Answers

Answer:

Break-even point in units= 22,273

Step-by-step explanation:

Giving the following information:

Contribution margin per game= $3.59

Fixed cost= $4,960

Desired profit= $75,000

To calculate the number of games to be sold, we need to use the following formula:

Break-even point in units= (fixed costs + desired profit) / contribution margin per unit

Break-even point in units= (4,960 + 75,000) / 3.59

Break-even point in units= 22,273

What is 2ab if a=2 and b=-3

Answers

a = 2

b = -3

2ab = 2*2*(-3)= 4*(-3) = -12

THERE'S TOO MUCH CATFISHES ON THIS SITE

Answers

Answer:

what do you mean by that?

Step-by-step explanation:

Find the perimeter of the right triangle. If necessary, round to the nearest tenth

Answers

Answer:

12 yards

Step-by-step explanation:

Your welcome.

Plz press the THANKS button and rate as Brainliest!