math

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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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