true or false: the simple interest owed on a car loan for $45,000 with an interest rate of 5.2% for 5 years…

true or false: the simple interest owed on a car loan for $45,000 with an interest rate of 5.2% for 5 years is $15,700. true false

true or false: the simple interest owed on a car loan for $45,000 with an interest rate of 5.2% for 5 years is $15,700. true false

Answer

Explanation:

Step1: Recall the simple - interest formula

The simple - interest formula 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

Given (r = 5.2%=\frac{5.2}{100}=0.052), (P=$45000), and (t = 5) years.

Step3: Substitute the values into the formula

(I=Prt=45000\times0.052\times5). First, calculate (45000\times0.052): (45000\times0.052=(45000\times52)\div1000=(45\times52)\times100\div1000=(2340)\times100\div1000 = 2340). Then, (2340\times5 = 11700).

Answer:

False