Question

Margo borrows $1200, agreeing to pay it back with 4% annual interest after 17 months. How much interest will she pay?

Answer 1

$68

Explanation:

P = $1200

R = 4%

T = 17months (Convert to years; 17 months ÷ 12 months)

Formular for Interest; I = PRT

100

I = $1200 × 4 × 17

100 × 12

I = $68