What are the 3 steps to problem solving with efficiency?
1 answer:
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Answer:
He paid $253.09 in interest.
Step-by-step explanation:
To find how much did he pay in interest, we use the simple intrest formula, that is given by:
In which I is the value paid in interest, P is the money borrowed, r is the yearly interest rate and t is the time.
In our problem, we have that:
He borrowed $4,400, so
At 4.75% yearly. We measure the time in days, so we have to divide this value by 365. So .
From December 26, 2019 to February 21, 2021, there are 422 days, so .
He paid $253.09 in interest.