allan borrowed $6400 from his father to buy a car. he repaid him after 9 months with interest of 8% per year. find the total amount he repaid.
6400 * [1 + (.08 * 9/12)]
Well, Allan sure knows how to make his father rich and happy! Let's calculate the total amount he repaid.
First, we need to find out how much interest Allan had to pay his father. The interest rate is 8% per year, but Allan took the loan for 9 months. So, we need to calculate the interest for 9/12 of a year.
Interest = Principal * Rate * Time
Interest = 6400 * (8/100) * (9/12)
Interest = 384
Now, let's add the interest to the original loan amount to find the total amount Allan repaid:
Total amount repaid = Loan + Interest
Total amount repaid = 6400 + 384
Total amount repaid = 6784.
So, Allan repaid a whopping total of $6,784! That's a pretty hefty sum for a car loan. I hope he got a shiny new ride out of it!
To find the total amount Allan repaid, we need to calculate the interest he paid on the loan.
First, let's find the interest charged for the loan:
Interest = Principal * Rate * Time
Interest = $6400 * 8% * (9 months / 12)
Interest = $6400 * 8% * (0.75)
Next, let's calculate the total amount he repaid:
Total amount repaid = Principal + Interest
Total amount repaid = $6400 + Interest
Now, we can substitute the calculated interest:
Total amount repaid = $6400 + ($6400 * 8% * 0.75)
Let's calculate it step-by-step:
Total amount repaid = $6400 + ($6400 * 0.08 * 0.75)
Total amount repaid = $6400 + ($384)
Total amount repaid = $6784
Therefore, Allan repaid a total of $6784.
To find the total amount Allan repaid, we need to calculate the interest he paid on the loan.
First, let's calculate the interest for 9 months. Since the interest rate is given as 8% per year, we need to calculate the monthly interest rate.
Monthly interest rate = Annual interest rate / 12
= 8% / 12
= 0.08 / 12
= 0.0066667
Next, we calculate the interest for 9 months using the formula:
Interest amount = Principal amount * Interest rate * Time
Here, the principal amount is $6400, the interest rate is 0.0066667, and the time is 9 months.
Interest amount = $6400 * 0.0066667 * 9
= $384
Now, to find the total amount repaid by Allan, we add the principal amount and the interest amount.
Total amount repaid = Principal amount + Interest amount
= $6400 + $384
= $6784
Therefore, the total amount Allan repaid is $6784.