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Advanced Financial Algebra
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Question 2
2
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Multiple Choice
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Question 2 • Advanced Financial Algebra
Julia takes a car loan of $5,000 at a simple interest rate of 6% per annum. If she plans to pay back the loan in 3 years, what will be the total interest and the amount she will owe at the end of 3 years?
Answer
A
Interest: $300, Total Owed: $5,300
B
Interest: $300, Total Owed: $4,700
C
Interest: $900, Total Owed: $5,900
D
Interest: $900, Total Owed: $4,100
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