Mr.clay paid back his $2000 car loan two years and six months after he borrowed the money if he was charged 10.5% annual interest how much interest did he pay?

Question

30/12=2.5×10.5%=26.25
2.5/1.=2.5/1×10/10=25/10=
5/2 mr.clay paid 52.00 is this right can you correct me please?

Answer 1

i = Prt = 2000(0.105)(2.5) = 525

think about it -- 10% of $2000 is $200 per year