Question

4. How much is the interest if you do not pay the second month? 17 pa

O $9.05
O $9.66
O $121.53
O $143.70

Answer 1

$9.66

Explanation:

1. Find interest rate: 0.125 / 12 = 0.01417
2. Find principal: $825.00 * 1.07 = $882.75
3. Find interest using I=Prt: $882.75 * 0.010417 = $9.20
4. Add principal, late fee, and interest: $882.75 + $35.00 + $9.20 = $926.95
5. Use I=Prt: $926.95 * 0.1275 * 1/12 = $9.66

Answer 2

Explanation:

answer is 9.66