Question

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

Answer 1

Sherri borrowed 264 cuz 3200/100 is 32, and 32/19.5 is 264.

Answer 2

Option A. $624

Explanation:

Sherri borrowed = $3,200

APR = 13%

Time = 18 months or 1.5 year

If she must pay per $100 = $19.5

Total hundreds in $3,200 =
`(3200)/(100)` = 32

32 × 19.5 = $624

Total interest = Principal × rate of interest × time

= 3200 × 0.13 × 1.5

= $624

The total interest is $624.