Question

Jeff bought a refrigerator for $1300. He made a 10% down payment and financed the rest at 6% for one year. How much interest did he pay?

Answer 1

1300 x 0.06 x 1 = 78
1300 + 78 = 1378
$1378

Answer 2

`Interest=Principal*Rate*Time`


`Interest=1300*0.06*1`


`Interest=78`

Jeff paid a total of $1,378.00 with an interest rate of 6% per annum