To buy a car, Sophia borrowed $15,000 for 3 years at an annual simple interest rate of 9%. How much interest will she pay if she pays the entire loan off at the end of the 3rd year? What is the new total amount she will repay?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.49TI: Nathaly deposited $12,500 in her bank account where it will earn 4% simple interest. How much...
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To buy a car, Sophia borrowed $15,000 for
3 years at an annual simple interest rate
of 9%. How much interest will she pay if
she pays the entire loan off at the end of
the 3rd year? What is the new total
amount she will repay?
Transcribed Image Text:To buy a car, Sophia borrowed $15,000 for 3 years at an annual simple interest rate of 9%. How much interest will she pay if she pays the entire loan off at the end of the 3rd year? What is the new total amount she will repay?
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