Colin needs to borrow $1,500 for car repairs. How much interest will he pay if the rate is 4.9% and he has 125 days to repay the loan? (Be sure to round the time to the nearest hundredth. Example: 250 days divided by 365 days is .68, not .684.)
Mathematics · High School · Thu Feb 04 2021
llm
Answered on
Given :
Principal = $1500
Rate = 4.9%
Time = 125 days or 125/365 years
Interest = (P × R × T)/100
= $1500 × 4.9/100 × 125/365
= $15 × 4.9 × 0.34
= $24.99 or $25