Mathematics, 30.03.2021 03:40 AgentPangolin

Ricardo purchased a car for $12,500. He was able to provide a down payment of $3,000 and then he had to get a loan for the remaining amount owed on the car. The bank gave him a loan to repay with payments spread out over three years, Ricardo must pay back the full amount borrowed as well as 7% extra to the bank.

a. what’s the principal?

b. what is the timeframe of this loan?

c. what is the interest rate?

d. calculate the simple interest Ricardo will pay,

Answers: 3

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