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.

- math-help -
**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.

## Answer this Question

## Related Questions

- Maths - Solve the problem. Assume that simple interest is being calculated. ...
- Math - Find the Due date and maturity value for a $28,400 loan made to Henry ...
- Applied College Msthematics - jennifer stemberg borrowed money to buy a car at ...
- math - In a(n) _________ , simple interest is added on to the amount borrowed ...
- math - In a(n) _________ , simple interest is added on to the amount borrowed ...
- pre-algebra - thomas borrowed $4800 to buy a new car. he will be paying $96 each...
- math - Katie Chalmers borrowed money from her credit union at 13.2% simple ...
- Math - Katie Chalmers borrowed money from her credit union at 13.2% simple ...
- math - I need help calculating (a) the total installment price. (b) the carrying...
- math - gail borrowed $3600 from a bank to buy a washing machine she pays back ...