Jan borrowed $1,200 at 11.5% interest for three months. How much

Assuming that the 11.5% interest rate is an annual rate --

1200 * 0.115 = 138

138 * 0.25 = 34.50

$1200 + 34.50 = ?

Tonya took out a loan to help pay for her house. She borrowed $60,000 for 15 years at a yearly simple interest rate of 5%. How much interest will she end up paying the bank?

interest= 45000

how well ok

borrowed= 60,000 rate=5% time=15 years
I= brt I= 60,000 * 5 * 15
--- ---------------
100 100

I= 4,500
that's your answer

PRT SI 1200*8*2*100 answer 192

To find out how much Jan has to repay under a single-payment plan, we need to calculate the total amount which includes the principal amount borrowed and the interest.

First, we need to calculate the interest on the loan. To do this, we can use the formula:

Interest = Principal * Rate * Time

Given:
Principal = $1,200
Rate = 11.5% (or 0.115 in decimal form)
Time = 3 months (or 1/4 year, as there are 12 months in a year)

Interest = $1,200 * 0.115 * 1/4
Interest = $34.50

Now, we can find the total amount Jan needs to repay by adding the principal and the interest:

Total repayment = Principal + Interest
Total repayment = $1,200 + $34.50
Total repayment = $1,234.50

Therefore, Jan needs to repay $1,234.50 under a single-payment plan.