Question

Mario loaned Robert $390 at an interest rate of 18% for 229 days. How much will Robert pay Mario at the end of 229 days? Round your answer to the nearest cent.

Answer 1

Amount Robert will pay back = $434.04

Explanation:

Formula for interest is;

I = (P * R * T)/100

We are given;

P = $390

Rate = 18%

Time; T = 229 days = 229/365

Thus;

I = (390 * 18 * (229/365))/100

I = $44.04

Thus, total amount Mario will pay back = $390 + $44.04 = $434.04