Question

Devin borrowed $1,058 at 13 percent for nine months. What will he pay in interest?

A. 103.16
B.105.80
C.137.54
D.122.40

Answer 1

A, 103.16 Hope this is right!

Answer 2

Devin borrowed $1,058 at 13 percent for nine months.

We have to calculate the interest paid.

Interest =
`(P * R * T)/(100)`

Substituting the values of

Principal = $1058

Rate = 13%

Time = 9 months =
`(9)/(12)` year

Interest =
`(1058 * 13 * 9)/(12 * 100)`

Interest = 103.155

= 103.16

So, Devin will pay 103.16 as the interest.

Therefore, Option A is the correct answer.