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16 February, 07:05

Denise borrowed $1,245 to pay for a cruise. The interest rate she agreed to pay is 3.5%. If she takes 11 months to pay back the loan, how much will she owe?

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  1. 16 February, 07:08
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    Answer: The amount that she would owe is $1284.94

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the loan.

    P represents the principal or amount taken as loan

    R represents interest rate

    T represents the duration of the loan in years.

    From the information given,

    P = $1245

    R = 3.5%

    T = 11 months. Converting to years, it becomes 11/12 year

    Therefore,

    I = (1245 * 3.5 * 11) / 12 * 100

    I = 47932.5/1200 = $39.94

    The amount that she would owe after 11 months is

    1245 + 39.94 = $1284.94
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