Question

6

Answer:
How much
Jan borrowed $1,200 at 11.5% interest for three months.
does she have to repay under a single-payment plan?
a. $13
b. $1,238.50
c. $1,246
d. $1,234.50

Answer 1

Explanation:

First, convert percent to decimal:

11.5% = 0.115

Multiply by amount borrowed:

0.115*1200= 138

Multiply interest amount per month (138) by 3

138*3 =$414.00 interest

1242.