Question

Jo borrowed $3800 for 8 months from a bank at 5.5% a. how much interest did jo pay the bank for the us of it's money?b. how much did he pay total?

Answer 1

Jo paid $140.33 in interest and a total of $3940.33 for borrowing $3800 from the bank for 8 months at an interest rate of 5.5%.

Step-by-step explanation:

a. To calculate the amount of interest Jo paid the bank, we can use the formula:

Interest = Principal x Rate x Time

The principal amount is $3800, the interest rate is 5.5% (or 0.055 as a decimal), and the time is 8 months. Plugging these values into the formula, we get:

Interest = $3800 x 0.055 x (8/12)

Interest = $140.33

So, Jo paid $140.33 in interest to the bank.

b. To calculate the total amount Jo paid, we need to add the interest to the principal amount:

Total payment = Principal + Interest

Total payment = $3800 + $140.33

Total payment = $3940.33

Answer 2

Let's begin by listing out the given information:

Loan (p) = $3,800

Time (t) = 8 months = 8/12 year

Interest rate (r) = 5.5%

a)

We calculate it thus:

`\begin{gathered} I=(p* r* t)/(100) \\ I=(3800*5.5*(8)/(12))/(100)=139.33 \\ I=\text{\$}139.33 \end{gathered}`

b)

The amount paid in total is:

`\begin{gathered} A=p+I \\ A=3800+139.33=3939.33 \\ A=\text{\$}3939.33 \end{gathered}`