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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 -

    I think the answer is $5040.00

  • math -

    How did you get that answer?

  • math -

    4800/9=533.33x5%=266.665
    4800+240=5040.00

  • math -

    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 -

    thank you!

  • math -

    You're welcome.

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