Simone borrowed $13500 from the bank to purchase a used car. If the interest rate on this 72-month loan is 5.9%, how much will Simone pay in total back to the bank?

1 Answer
Shwetank Mauria
Jul 14, 2018

#$18279#

Explanation:

It appears that interest rate is per annum i.e. #$13,500# is paid after #72# months i.e. #6# years. Hence at #5.9%# interest is

#(13500×6×5.9)/100#

= #135×6×5.9=$4779#

and total amount payable is #13500+4779=$18279#

Related questions
Impact of this question
1784 views around the world
You can reuse this answer
Creative Commons License