The annual interest rate for a customer’s loan of $425 is 15.75%. What is the total dollar amount to be repaid on the loan, including principle and interest, for the entire year?

425 * 1.1575 = ?

451.95 To calculate the total dollar amount to be repaid on the loan, including the principal and interest, we need to calculate the interest amount first and then add it to the principal.

The formula to calculate the interest amount is:
Interest = Principal * Interest Rate

In this case, the principal is $425 and the interest rate is 15.75%, or 0.1575 as a decimal.

Interest = $425 * 0.1575

To find the total amount to be repaid, we need to add the calculated interest to the original principal.

Total amount to be repaid = Principal + Interest

Therefore, Total amount to be repaid = $425 + (Interest)

Now, we can substitute in the previously calculated value of Interest to find the total amount to be repaid.

Total amount to be repaid = $425 + ($425 * 0.1575)

Calculating this, we get:

Total amount to be repaid = $425 + $66.94

Therefore, the total dollar amount to be repaid on the loan, including principal and interest, for the entire year is $491.94.