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PtichkaEL
1 month ago
12

Raymond bought a car for $40,000. He took a 20,000 loan from a bank at an interest rate of 15% per year for a 5 - year period. W

hat is the total amount ( interest and loan) that he would have to pay rhe bank at the end of 5 years
Mathematics
1 answer:
tester [12.3K]1 month ago
3 0

Answer:

$35,000

Step-by-step explanation:

The total repayment amount equals the loan amount plus the interest accrued.

To ascertain the interest from the deposit, use the formula for simple interest.

Simple interest = principal x time x interest rate

Principal refers to the deposited amount, which is $20,000.

Time is the length of the deposit, which is 5 years.

Interest rate is the percentage obtained from the deposit, which is 15%.

Calculating gives: 20,000 x 5 x 0.15 = $15,000

Consequently, the overall total becomes 20,000 + 15,000 = $35,000.

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