Question

Diane Van Os decided to buy a new car since her credit union was offering such low interest rates. She borrowed $32,300 at 3.75% on December 05 2016, and paid it off February 22 2018. How much did she pay in interest? (Assume exact interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Answer 1

Int = Principal * Int Rate * TIme Period

= $ 32,300 * 3.75% * 444 / 355

= $ 1473.41

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