Margo borrows $1600, agreeing to pay it back with 3% annual interest after 11 months. How much interest will she pay? Round your

Question

Margo borrows $1600, agreeing to pay it back with 3% annual interest after 11 months. How much interest will she pay?

Round your answer to the nearest cent, if necessary.

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Hồng Cúc 4 years 2021-09-05T11:24:58+00:00 1 Answers 2 views 0

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  1. Ben
    0
    2021-09-05T11:26:12+00:00
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    Answer:

    Margo will pay $ 44 in interest.

    Step-by-step explanation:

    Given that Margo borrows $ 1600, agreeing to pay it back with 3% annual interest after 11 months, to determine how much interest will she pay, the following calculation must be performed:

    3/12 x 11 = 0.25 x 11 = 2.75

    1600 x 1.0275 = X

    1644 = X

    1644 – 1600 = 44

    Therefore, Margo will pay $ 44 in interest.

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