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Mason wants to borrow $6,700 from the bank to purchase a car. If he borrows the money at a rate of 5% interest for 4 years, what is the total amount he will have to pay back to the bank?

Your answer should be in whole dollars. Do not add cents. Example: $4 not $4.00

Respuesta :

mhanifa

Answer:

  • $8040

Step-by-step explanation:

It is assumed as simple interest.

The amount of interest is:

  • 5%*4 = 20% of $6700, which is
  • 6700*20/100 = 1340

The amount paid back is the sum of the loan and interest:

  • 6700 + 1340 = 8040

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