The answer just provided is only a simple interest formula. It is not the one used for car loans. The correct one used by banks for car loans is complicated. There are fomulas that will get you close to the right answer, but will never give the right answer.
{ 2 comments… read them below or add one }
The answer just provided is only a simple interest formula. It is not the one used for car loans. The correct one used by banks for car loans is complicated. There are fomulas that will get you close to the right answer, but will never give the right answer.
intrest=prinspal*rate*time
or
i=prt