Wanda took out a personal loan for $16,000 at 9% simple interest.?
Hailey Asked: Wanda took out a personal loan for $16,000 at 9% simple interest.?
A. How much interest will she pay after 5 years?
B. Suppose she pays off the loan in 3 years instead of 5 years. How much money will she save in interest?
Answers:
Traque Answered:
A) Too much.What the hell was she thinking, not shopping around for a better rate than that?
B) Not enough.If she could afford to pay it off in 3 years, she should have applied for a shorter term.
A) Too much.What the hell was she thinking, not shopping around for a better rate than that?
B) Not enough.If she could afford to pay it off in 3 years, she should have applied for a shorter term.
i am NOT Answered:
i = interest
i = interest
16000 x .09 = i
1,440 = i<- One year's worth of interest.
Multiply by 5 for 5 years.
Done.
For B, multiply i by 3 and then i b 5, subtract the two.
GL.
bobman Answered:
9% simple interest would add $1440 per year. Total interest is 5 X 1440 = $7200
If she pays back after 3 years, she'll only pay 3 X 1440 =$4320 a saving of $2880
9% simple interest would add $1440 per year. Total interest is 5 X 1440 = $7200
If she pays back after 3 years, she'll only pay 3 X 1440 =$4320 a saving of $2880
C Answered:
I am not going to tell you the answers – its your homework so you need to do it. But I can help.
I am not going to tell you the answers – its your homework so you need to do it. But I can help.
1) If you have $16,000 and want to know 9%, you would multiply 16,000 by .09.
After you get that value (interest per year), multiply it by 5 (for all five years).
*Interest rate * principal amount * number of periods
16,000x.09×5= you answer
2) Multiply 16,000 by .09 again (interest per year) and multiply it by 2 ( years of interest being saved 5-3=2)
16,000x.09×2= money saved
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