you borrow $15,000 for five years at 8% interest to buy a car. what is the total amount of interest you will…

you borrow $15,000 for five years at 8% interest to buy a car. what is the total amount of interest you will pay?\na $3,249.00\nb $4,219.43\nc $5,013.45\nd $6,618.65\ne $8,284.91

you borrow $15,000 for five years at 8% interest to buy a car. what is the total amount of interest you will pay?\na $3,249.00\nb $4,219.43\nc $5,013.45\nd $6,618.65\ne $8,284.91

Answer

Explanation:

Step1: Identify the simple - interest formula

The formula for simple interest is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

The annual interest rate $r = 8%=0.08$. The principal amount $P=$15000$ and the time $t = 5$ years.

Step3: Substitute values into the formula

$I=Prt=15000\times0.08\times5$. First, calculate $15000\times0.08 = 1200$. Then, $1200\times5=6000$.

Answer:

None of the provided options are correct. The total amount of interest is $$6000$.