Assuming that the 11.5% interest rate is an annual rate --
1200 * 0.115 = 138
138 * 0.25 = 34.50
$1200 + 34.50 = ?
does she have to repay under a single-payment plan?
1200 * 0.115 = 138
138 * 0.25 = 34.50
$1200 + 34.50 = ?
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
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.