Question

Celeste Nossiter borrowed $6200 from her father to buy a used car. She repaid him after 9 months, at an annual interest rate of 7.1%. Find the total amount she repaid. How much of this amount is interest?

Answer 1

Answer:

$6,530.15

Explanation:

Calculation:

First, converting R percent to r a decimal

r = R/100

= 7.1%/100 = 0.071 per year.

Putting time into years for simplicity,

9 months / 12 months/year = 0.75 years.

Solving our equation:

A = 6200(1 + (0.071 × 0.75)) = 6530.15

A = $6,530.15

The total amount accrued, principal plus interest, from simple interest on a principal of $6,200.00 at a rate of 7.1% per year for 0.75 years (9 months) is $6,530.15.

Answer 2

Based on the information given the total amount she repaid is $6,530.15 and the interest amount is $530.15.

a. Repayment amount

Amount=Principal+(Principal× Rate× Time)

Let plug in the formula

Amount=$6,200+[$6,200×7.1%×(9/12)]

Amount=$6,200+[$6,200×7.1%×0.75

Amount=$6,200+$330.15

Amount=$6,530.15

b. Interest amount

Interest=Repayment-Principal

Interest=$6,530.15-$6,200

Interest=$530.15

Inconclusion the total amount she repaid is $6,530.15 and the interest amount is $530.15.

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