Question

Jan borrowed $1200 at 11.5% interest for 3 months. How much does she have to repay under a single-payment plan?

Answer 1

First, convert percent to decimal:

11.5% = 0.115

Multiply by amount borrowed:

0.115*1200= 138

Multiply interest amount per month (138) by 3

138*3 =$414.00 interest