Allan borrowed $4200 from his father to buy a car. He repaid him after 4 months with interest of 7% per year. Find the total amo

Question

3 years ago

10

unt he repaid.

1 answer:

ankoles [38] · Answer 1 · 2022-10-16T19:08:00+03:00

The total amount Allan repaid is $4,297

Allan borrowed $4200

He repaid it after 4 months

The interest incurred is 7%

The total amount Allan can be repaid can be calculated by multiplying the amount he borrowed by the number of months and interest

= 4,200 × (1 + 7/100 × 4/12)

= 4,200 × (1 + 0.07×0.333)

= 4,200 × (1+0.0231)

= 4,200 × 1.023

= 4,297

Hence the total amount he repaid is $4,297

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