Respuesta :
The amount more in interest over the life of the loan which Nellie have to pay is $14814.
What is bankruptcy?
Bankruptcy is the procedure by which the people who are unable to pay the debts to creditors, may get relief from some or all the debts.
Nellie has a bankruptcy on her credit report and therefore pays higher interest rates on her current loans.
Nellie took out a car loan for $45,000 payable for 6 years at an interest rate of 15%. Thus, the interest is,
[tex]I=\dfrac{45000\times6\times15}{100}\\I=40500[/tex]
If she had not applied for bankruptcy, she would have been able to take out the loan at a rate of 6%. In this case, the interest paid would be,
[tex]I=\dfrac{45000\times6\times6}{100}\\I=16200[/tex]
The difference between the interest paid would be,
[tex]I=40500-16200\\I=24300[/tex]
Hence, the amount more in interest over the life of the loan which Nellie have to pay is $14814.
Learn more about the bankruptcy here;
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