Zach buys a car for $18,900 with 5% interest over 5 years. What is true about this monthly payment loan? Select the correct answer below:
Zach will pay $4,725 in interest on the loan.
Zach will pay $3,780 each year of his loan.
O Zach will pay $4,725 each year of his loan.
Zach will pay $2,500 in interest on this loan.

Zach will pay $4,725 in interest on the loan.

Explanation:

In calculating interest the formula that applies is

I= P x R x T

where I = interest

P = principal amount

R = interest rate

T= time

In the case of Zach

I= $18,900 x 5/100 x 5

I = $18,900 x 0.05 x 5

I =$945 x 5

I =$4,725

Interest for the loan is $4,725

explanation:

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