You purchase a new car for $19,500.             If you borrow $19,500 for 5 years with an interest rate of  5% how much interest will you owe the bank after 5 years?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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You purchase a new car for $19,500.            
If you borrow $19,500 for 5 years with an interest rate of  5%
how much interest will you owe the bank after 5 years?
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