Question

Allan borrowed $4800 from his father to buy a car. He repaid him after 9 months with interest of 5% per year. Find the total amount he repaid.

Answer 1

I think the answer is $5040.00

Answer 2

How did you get that answer?

Answer 3

4800/9=533.33x5%=266.665
4800+240=5040.00

Answer 4

Thanks.

The correct way is to use this formula.

Interest = principal * rate * time

I = 4800 * 0.05 * 0.75

I = 180

4800 + 180 = 4980

Answer 5

thank you!

Answer 6

You're welcome.