suppose you want to buy a new car that cost $15,800 you have no cash only your o

Question

suppose you want to buy a new car that cost $15,800 you have no cash only your old car which is worth $1000 as a trade-in dealer says the interest rate is 8% add on for three years find the total interest suppose you want to buy a new car that cost $15,800 you have no cash only your old car which is worth $1000 as a trade-in dealer says the interest rate is 8% add on for three years find the total interest suppose you want to buy a new car that cost $15,800 you have no cash only your old car which is worth $1000 as a trade-in dealer says the interest rate is 8% add on for three years find the total interest

Explanation / Answer

As the person has his car only for trade in with value of $1000, So this amount will be consider as principal in this case ,,the interest rate i.e 8% as given above and Time is 3 years

Simple Interest=(P.R.T)/100

=(1000.8.3)/100

=240

So, the total interest to be paid is $240.

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