Posted by Jennifer on Tuesday, June 24, 2014 at 7:08pm.
Allan borrowed $4800 from his father to buy a car. He repaid him after 9 months with interest of 5% per year. Find the total amount he repaid.

mathhelp  Jennifer, Tuesday, June 24, 2014 at 7:28pm
I think the answer is $5040.00

math  Ms. Sue, Tuesday, June 24, 2014 at 7:33pm
How did you get that answer?

math  Jennifer, Tuesday, June 24, 2014 at 7:47pm
4800/9=533.33x5%=266.665
4800+240=5040.00

math  Ms. Sue, Tuesday, June 24, 2014 at 8:00pm
Thanks.
The correct way is to use this formula.
Interest = principal * rate * time
I = 4800 * 0.05 * 0.75
I = 180
4800 + 180 = 4980

math  Jennifer, Tuesday, June 24, 2014 at 8:09pm
thank you!

math  Ms. Sue, Tuesday, June 24, 2014 at 8:24pm
You're welcome.
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