05-06-2015
Mathematics

Answered

Jan borrowed $1200 at 11.5% interest for 3 months. How much does she have to repay under a single-payment plan?

Verified Answer :

annabellthegrea annabellthegrea

06-06-2015

First, convert percent to decimal:

11.5% = 0.115

Multiply by amount borrowed:

0.1151200= 138

Multiply interest amount per month (138) by 3

1383 =$414.00 interest

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