The master family financed a computer that cost $1200. If the interest rate is 19%.how much will the family owe for the computer

Question

3 years ago

9

after one month if no payments are made?

1 answer:

Fantom [35] · Answer 1 · 2022-04-03T13:24:45+03:00

The answer is $1219

Interest = Total amount * interest rate * time ( I=prt is the formula for calculating interest)

In this case,

Total amount = $1200

Interest rate= $ 0.19

Time span for which interest rate is being calculated= 1/12 (since the rate is yearly and we are calculating interest for a month)

Interest = 1200*0.19*1/12 = 19

So the total amount owned by family at the end of one month = original amount + interest = $1200 + $19 = $1219