What Is The Total Amount Of Interest Shelby Will Pay For The Car Loan

 To calculate the total amount of interest Shelby will pay for the car loan, we need to use the loan amount, the annual interest rate, and the loan term.

Let's say Shelby took out a car loan for $20,500 with a 9% annual interest rate and a loan term of 3 years.

First, we need to calculate the total interest paid over the loan term using the formula for simple interest:

Total Interest = Principal × Rate × Time

Where:

• Principal = $20,500 (loan amount)
• Rate = 9% annual interest rate (0.09 as a decimal)
• Time = 3 years (loan term)

Total Interest = $20,500 × 0.09 × 3 = $5,535

So, Shelby will pay a total of $5,535 in interest over the 3-year loan term.

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