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23 November, 05:57

Charissa borrowed $400 from her friend to buy a laptop and it took her 15 months to pay her friend back. How much did she pay her friend back if her friend charged he 5% interest annually?

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  1. 23 November, 06:11
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    Step-by-step explanation:

    We would apply the simple interest formula which is expressed as

    as

    I = PRT/100

    Where

    P represents the principal or amount borrowed.

    R represents interest rate

    T represents time in years

    I = interest after t years

    From the information given

    T = 15 months. Converting to years, it becomes = 15/12 = 1.25 years

    P = $400

    R = 5%

    Therefore

    I = (400 * 5 * 1.25) / 100

    I = 2500/100

    I = 25

    The total amount that she would pay her friend back would be

    400 + 25 = $425
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