Asked by Jennifer

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.
Answered by Jennifer
I think the answer is $5040.00
Answered by Ms. Sue
How did you get that answer?

Answered by Jennifer
4800/9=533.33x5%=266.665
4800+240=5040.00
Answered by Ms. Sue
Thanks.

The correct way is to use this formula.

Interest = principal * rate * time

I = 4800 * 0.05 * 0.75

I = 180

4800 + 180 = 4980

Answered by Jennifer
thank you!
Answered by Ms. Sue
You're welcome.
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