posted by Jennifer on .
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.
I think the answer is $5040.00
How did you get that answer?
The correct way is to use this formula.
Interest = principal * rate * time
I = 4800 * 0.05 * 0.75
I = 180
4800 + 180 = 4980