Use the formula A = P(1 + rt) to find the indicated quantity:
-Allan borrowed $ 5500 from his father to buy a car. He repaid him after 8 months with interest of 7% per year. Find the total amount he repaid.
A) $ 256.67
B) $ 5756.67
C) $ 5724.58
D) $ 5885.00

Question

Quizplus · Accepted Answer

The total amount repaid is calculated using the formula A = P(1 + rt), where P = $5500, r = 7% per year or 0.07, and t = 8/12 years. Substituting these values gives A = $5500(1 + 0.07*(8/12)) = $5756.67.

Use the Formula a = P(1 + Rt) to Find