Question

Felix borrowed $400 and must pay 12% interest. How much must be paid

Answer 1

Answer:

$448

Step-by-step explanation:

he must pay 400 + (12% of 400)

12% of 400 is 48

400 + 48 = 448

Answer 2

Answer:

448

Step-by-step explanation:

So, here is the formula for that:

Fa=Ia(1+per)

First off, the percentage(per) would be represented as a decimal(.12). The initial amount (Ia) would be 400. The "+" is there because of increasing interest. This would be the equation:

400(1+.12)

Use the distributive property and you get 448

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