Eileen wants to borrow $40,000 to buy a new car. She is willing to make monthly payments for 5 years. The Metro Bank offers her a loan of $40,000 for five years; the rate of interest is 6% compounded monthly. If Eileen chooses to borrow the money, a) how much total interest will she pay?
b) how much simple interest will she pay?
c) how much compound interest will she pay?

4400

step-by-step explanation:

10 - 75

step-by-step explanation:

there's nothing attached so it's most likely anything in that range.

all three statements are true

step-by-step explanation:

a shipping fee of 5% is charged online with every item purchased online

first let's just take each option and calculate them based on this, to see if the answers matched

keith buys a 40 dollar book

40 x 0.05 = 2

therefore there will be a two dollar fee on keith's book

40 + 2 =42

the first statement is true

a chair costs $80

80 x 0.05 = 4

80 + 4 = 84

the second statement is true

george buys a 20 dollar calculator

20 x 0.05 = 1

20 + 1 = 21

the third statements are true

all three statements are true