Lizzy: Mike wants to buy a new car. He has chosen a red car for $35000. To be able to pay this price, he needs to loan part of the money from the bank, at a rate of 15%. How much money in total will Mike need to pay for the car, if he has to take $20000 from the bank?.
Me: Hmmm, let me think. I think this is the detailed solution:
User
The rate of the loan is 15%, which means Mike needs to give the bank an additional 20000 * 15 / 100 = $3000. So the car will cost him 35000 + 3000 = $38000. Final answer: 38000.
Assistant