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Margo purchased a used truck for $27,000 dollars. The loan used to purchase the truck has a 2.5% interest rate compounded annually. If it will take 5 years to pay off the loan, what is the estimated sum Margo will pay to purchase her truck?

Respuesta :

ajinems

The sum estimated for Margo to purchase her truck is =$30,375

Calculation of the cost of truck

The principal capital = $27,000

The interest rate = 2.5%

The duration of the loan = 5 years

Therefore simple interest

= P×T×R/100

= 27,000×2.5×5/100

= 337500/100

=$3,375

Therefore, the sum estimated for Margo to purchase her truck is = $27,000 + $3,375

= $30,375

Learn more about simple interest here:

https://brainly.com/question/25793394

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