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16 November, 17:23

Alyssa wants to buy a new car and is planning to take out a loan to pay for the car.

Her loan amount is $22,000

Her interest rate is 1.5%

She plans to pay the loan off in 4.00 years.

What is the amount interest that Alyssa will pay on her loan?

Round your answer to 2 decimal places!

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  1. 16 November, 20:29
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    Answer: the amount of interest that Alyssa will pay on her loan is $1320

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the loan.

    P represents the principal or amount taken as loan

    R represents interest rate

    T represents the duration of the loan in years.

    From the information given,

    P = $22000

    R = 4.5%

    T = 4 years

    Therefore,

    I = (22000 * 1.5 * 4) / 100

    I = 132000/100 = $1320
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