Question

Zack borrowed $1,087 for 12 months at 11% interest. if he must pay 11.00 per $100, what is the total amount of money he will repay?

a. 1,252.27
b. 1,100.00
c. 1,087.35
d. 1,206.57

Answer 1

I took the test But I thought it would at lot more helpful to just put the right answer this is everything that has to do with Zack for this test

Explanation:

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is the total interest?

$119.57 (Correct)

$130.44

$132.00

$158.95

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is the total amount of money he will repay?

$1,252.27

$1,206.57 (Correct)

$1,100.00

$1,087.35

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is Zack's monthly payment?

$100.55 (Correct)

$132.00

$1,087.00

$1,100.00

Answer 2

The correct option is d.

Explanation:

It is given that Zack borrowed $1,087 for 12 months at 11% interest. It means he must pay 11.00 per $100.

Formula of simple interest:

`I=(P* r* t)/(100)`

Where P is principal amount, r is rate of interest in percentage and t is time in years.

`I=(1087* 11* 1)/(100)`

`I=119.57`

The interest paid by Zack is $1,087.

The total amount of money he will repay is

`1,087+119.57=1,206.57`

Therefore option d is correct.