Asked by Caleb

Carl borroowed $2,500 for six months at an annual interest rate of 11%. How much must he repay at the end of six months?
a. $275
b. $2,637.50
c. $87.50
d. $2,762.50

Please show all steps needed to get answer in simple terms.
Answered by Henry
P = Po + Po*r*t
P = 2500 + 2500*(0.11/12)*6 =

Note: (0.11/12) = Monthly % rate.
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