Mr.Jones took a loan at a bank at 11.25%per annum for 9 months
. The loan amount was $10,000.
To calculate the total amount Mr.Jones will have to repay at the end of the 9 months, we use the formula:
Total amount = Loan amount + Interest
First, we calculate the interest:
Interest = Loan amount x Rate x Time
Interest = $10,000 x 11.25% x 9/12
Interest = $1,012.50
Now, we calculate the total amount to be repaid:
Total amount = $10,000 + $1,012.50
Total amount = $11,012.50
Therefore, Mr.Jones will have to repay a total amount of $11,012.50 at the end of the 9 months.