if you borrowed $1450 to buy a used car at a rate of 10% interest and planned on paying it back in 4 years, what is the total amount you would pay back? A)$580 Eliminate B)$1508 C)$1595 D)$2030

The correct answer is $2030. Using the formula for simple interest I = prt where p is the money amount, r is the interest rate in decimal form and t is time in years, you have I = (1450)(.10)(4) which is $580. This interest should be added back to the $1450 to get $2030.

Answer Link

samueladesida43 samueladesida43 · Answer 2 · 2022-05-24T11:04:13+02:00

The total amount to be paid back if you borrowed $1450 to buy a used car at a rate of 10% interest and planned on paying it back in 4 years is $2030.

How to calculate amount?

The amount to be paid back over an interest can be calculated using the following formula:

Simple interest = P × R × T ÷ 100

Where;

P = principal
R = interest rate
T = time

SI = 1450 × 10 × 4 ÷ 100

SI = $580

The amount to be paid back = $580 + $1450 = $2030

Therefore, the total amount to be paid back if you borrowed $1450 to buy a used car at a rate of 10% interest and planned on paying it back in 4 years is $2030.

Learn more about interest at: https://brainly.com/question/13324776

#SPJ2