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.
Answers
I think the answer is $5040.00
Ms. Sue
How did you get that answer?
4800/9=533.33x5%=266.665
4800+240=5040.00
4800+240=5040.00
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
The correct way is to use this formula.
Interest = principal * rate * time
I = 4800 * 0.05 * 0.75
I = 180
4800 + 180 = 4980
thank you!
Ms. Sue
You're welcome.