Question

Jackie Rider took out a loan of $20,000 to be repaid at the end of 7 months in one payment with interest at 11 and a half percent how much is the interest do and what was the total amount Jackie have to pay at the end of the loan

Answer 1

The interest was 2,300 and he had to pay 22,300 at the end of the loan

Explanation:

he only had to make a one time payment so he only has to make the interest one time. take 20,000 times .115 which is 11.5% in decimal form which is 2,300, that is how much interest he had to pay. the total amount he had to pay was the loan ($20,000) plus the interest ($2,300) so he paid in total $22,300