Jan borrowed $1,200 at 11.5% interest for three months. How much
does she have to repay under a single-payment plan?
First, we need to calculate the interest Jan will owe.
Interest = Principal x Rate x Time
Since Jan borrowed $1,200 at 11.5% interest for three months:
Interest = $1,200 x 0.115 x (3/12) = $34.50
Now we can calculate the total amount Jan has to repay:
Total repayments = Principal + Interest
Total repayments = $1,200 + $34.50 = $1,234.50
Therefore, Jan has to repay $1,234.50 under a single-payment plan.