Question

Amanda bought a car for $8,500. Her loan was for five years at a 4.6% interest rate. How much will Amanda pay for her car total, including interest?

Answer 1

I = PRT

I = 8,500 * 0.046 * 5


Add the interest to the principal.

Answer 2

8,500$ car, wow

So if the interest rate is 4.6% for 5 years, she has to pay that percentage of the total cost each year. There is an equation for this, but to make it simpler ill tell you it this way:
8500 Initial cost
8500*1.046 cost after 1 year
=8891
8891*1.046 Cost after 2 years
=9299.986

And so continue on until you get to 5 years.

Answer 3

Mrs sue put the equation for a interest that was put to the initial price and collected annually, this is not what the question is asking for.