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Calculate Jayden's simple interest on a 5-year car loan for $33,486 at 2.38%.

Sagot :

Answer:

$3984.83.

Explanation:

[tex]Simple\: Interest=\frac{Principal\times Rate\times Time}{100}[/tex]

In this particular case:

• The principal/loan amount = $33,486.

,

• Rate = 2.38%.

,

• Time = 5 years.

Substituting these into the formula above:

[tex]\begin{gathered} Simple\: Interest=\frac{33,486\times2.38\times5}{100} \\ =\$3984.83 \end{gathered}[/tex]

Jayden's simple interest is $3984.83.

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