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16 August, 03:29

Devin borrowed $1,058 at 13 percent for nine months.

What will he pay in interest?

How much is his total payment?

What will be his monthly payment?

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Answers (1)
  1. 16 August, 03:41
    0
    Given:

    amount borrowed: 1,058

    interest rate: 13%

    term: 9 months

    I'm assuming that the 13% rate is the annual interest rate. I'm also assuming that this problem is a simple interest problem.

    Interest = Principal * rate * term

    Interest = 1,058 * 13% * 9/12

    Interest = 103.16

    Total payment = Principal + interest

    Total payment = 1,058 + 103.16 = 1,161.16

    His monthly payment will be:

    1,161.16 / 9 mos = 129.02

    Devin will pay a 129.02 per month for 9 months to pay off his loan principal of 1,058 and the interest of 103.16.
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