Marta borrowed $1,380 for 15 months at 13 percent APR. How much will she pay in interest?
I = Prt
I = 1380 * 0.13 * 1.25
I = 224.25
To calculate the interest, we can use the formula:
Interest = Principal * Rate * Time
Where:
Principal = $1,380
Rate = 13% (in decimal form, 0.13)
Time = 15 months
Plugging in the values:
Interest = $1,380 * 0.13 * 15
Simplifying the equation:
Interest = $2,835
Therefore, Marta will pay $2,835 in interest.
To calculate the amount of interest that Marta will pay, we can use the formula:
Interest = Principal * Rate * Time
Where:
- Principal is the amount borrowed ($1,380 in this case)
- Rate is the annual percentage rate (13% in this case)
- Time is the time period in years (15 months can be converted to 15/12 = 1.25 years)
Now let's plug in the values into the formula:
Principal = $1,380
Rate = 0.13 (converted from 13% to decimal form)
Time = 1.25 years
Interest = $1,380 * 0.13 * 1.25
To calculate this, we multiply $1,380 by 0.13 to get $179.40. Then, we multiply this by 1.25 to get $224.25.
Therefore, Marta will pay $224.25 in interest over the 15-month period.