Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent if necessary.
-Allan borrowed $\$ 4200$ from his father to buy a car. He repaid him after 9 months with interest of $11 \%$ per year. Find the total amount he repaid.
A) $\$ 4662.00$
B) $\$ 346.50$
C) $\$ 4508.00$
D) $\$ 4546.50$

Question

Quizplus · Accepted Answer

The interest $I$ can be calculated using the formula $I = PRT$, where $P$ is the principal amount (\$4200), $R$ is the annual interest rate (11% or 0.11), and $T$ is the time in years (9 months or $9/12$ years). So, $I = 4200 \times 0.11 \times (9/12) = \$346.50$. The total amount repaid is the principal plus interest, which is $4200 + 346.50 = \$4546.50$.

Solve the Problem $4200\$ 4200$4200 From His Father to Buy a Car

Solve the Problem $\$ 4200$ From His Father to Buy a Car