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12 August, 23:31

If you borrowed $1450 to buy a used car at a rate of 10% interest and planned on paying it back in 4 years, what is the total amount you would pay back?

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  1. 13 August, 00:54
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    He will pay back $2030

    Step-by-step explanation:

    Simple Interest = (Principal * rate * time) / 100

    Principal = $1450, rate = 10% and time is 4 years

    Substitute the above info into the formula to get the interest

    SI = (1450 * 10 * 4) / 100

    SI = 145 * 4

    SI = $580

    He will therefore pay back principal plus interest, which will be

    $1450 + $580 = $2030
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