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  1. How much interest would you pay on a loan of $1,230 for 15 months at 15 percent APR if the interest is 18.75 per $100?

$225.00

$230.63

$281.25

$332.50

  1. Sherri borrowed $3,200 at 13 percent APR for 18 months. If she must pay 19.5 per $100, what is the total interest?

$624

$3,824

$351

$253.50

  1. What is the total amount that Sherri (in question number 2) will repay?

$624

$3,824

$351

$253.50

Verified Answer :

syed514
  1. How much interest would you pay on a loan of $1,230 for 15 months at 15 percent APR if the interest is 18.75 per $100?


     The chart probably refers to interest per $100 of loan. So, the interest for a $1,230 loan would be (1230/100) * 18.75 = 230.625 ~ 230.63
    So, the answer will be B $230.63.


    2. Sherri borrowed $3,200 at 13 percent APR for 18 months. If she must pay 19.5 per $100, what is the total interest?
    3,200 / 100 = 32 ... x 19.5 = 624 
    Principal x int rate x time = 3200 x .13 x 1.5 yr = 624 interest

    So, the answer will be the A $    624.


    3. What is the total amount that Sherri (in question number 2) will repay?

    The correct answer will be the $3,824.


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