Ways of buying in real life

label Mathematics
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

Dave borrows £14500 from an finance company to buy a luxury car. The finance company charges simple interest at the rate of 16% p.a. How much would Dave pay back if he took the loan for 4 years

Dec 29th, 2014

Loan Amount = 14500 pounds

Interest rate = 0.16

Period = 4 years

Interest =14500*0.16*4 =9280 pounds

Total amount = 14500+9280 =23780 pounds

Dec 29th, 2014

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Dec 29th, 2014
...
Dec 29th, 2014
Sep 20th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer