Question

o points earned 21 Sally borrowed $500 to help pay for a car repair. The interest rate is 16% and the length of the loan is 30 months. How much money will Sally owe in total at the end of 30 months? Do not enter any spaces.

Answer 1

$700

Explanation;

Givern the following

Amount borrowed = $500 (Principal)

Rate = 16%

Time = 30months = 30/12 yrs

Get the interest

Interest = PRT/100

Interest = 500*16*30/12*100

Interest = 5*16*30/12

Interest = $200

Amount owed at the end of 30months = Principal + Interest

Amount owed at the end of 30months = $500 + $200

Amount owed at the end of 30months = $700