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Mr Jones goes to the bank and loans $23000 for his car. He needs to pay a simple interest of 7.3% for 8 years. After 5 years the interest decreases to a 6.2%. How much did Mr Jone pay in full?

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SOLUTION:

The amount Mr. Jones had to pay initially in total over the 8 years is;

[tex]A=P+\frac{PRT}{100}[/tex]

Inserting the values of P, R, and T, we have;

[tex]\begin{gathered} A=23000+\frac{23000\times7.3\times8}{100} \\ \\ A=\text{ \$}36432 \end{gathered}[/tex]

Now, if this is spread over 8 years, In 5 years, Mr. Jones will pay;

[tex][/tex]

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