Jean paid 18489 for a new car. what is the total cost of the car if she financed it at an interest rate of 3.5 for 4 years.?

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1161559

2026-03-27 15:45

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To calculate the total cost of the car when financed, we first need to find the total interest paid over the loan period. Using the formula for simple interest, the total interest can be calculated as: ( \text{Interest} = P \times r \times t ), where ( P ) is the principal amount (18489), ( r ) is the interest rate (0.035), and ( t ) is the time in years (4). This results in an interest of approximately $2,588. Therefore, the total cost of the car would be ( 18489 + 2588 = 21077 ).

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