Question

Dylan wants to buy a new guitar. He borrows the money he needs and pays an equal amount back for 11 months. The interest is $3 each month. How much money will he pay in interest?

Answer 1

Total interest paid= $33

Explanation:

Giving the following information:

Number of periods= 11 months

Interest per month= $3

To calculate the total amount of interest paid, we need to use the following formula:

Total interest paid= number of periods*interest per period

Total interest paid= 11*3

Total interest paid= $33