Question

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is Zack's monthly payment?

Answer 1

Since we know that Zack must pay $11.00 per $100 monthly, we just need to divide the total amount of the loan, $1,087, by $100 to check how many times he must pay $11.00 each month:

$\frac{1087}{100} =10.87$

Now we know that he must pay $11.00 10.87 times each month, so the last thing we are going to do to find his monthly payment is multiply both quantities:
$11.00*10.87=119.57$

We can conclude that Zack's monthly payment is $119.57

Answer 2

Answer:

I took the test But I thought it would at lot more helpful to just put the right answer this is everything that has to do with Zack for this test

Step-by-step explanation:

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is the total interest?

$119.57 (Correct)

$130.44

$132.00

$158.95

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is the total amount of money he will repay?

$1,252.27

$1,206.57 (Correct)

$1,100.00

$1,087.35

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is Zack's monthly payment?

$100.55 (Correct)

$132.00

$1,087.00

$1,100.00