SOLUTION: Hello Interest=principal x rate x time Is the time for this question 11 or 11 / 12? Ricardo borrowed $1300 from his brother. He plans to pay him back in 11 months. If he

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Question 1183466: Hello
Interest=principal x rate x time
Is the time for this question 11 or 11 / 12?

Ricardo borrowed $1300 from his brother. He plans to pay him back in 11 months. If he pays 3.5% interest on the loan, what is the approximate amount he will pay back in 11 months,
Thanks in advance


Found 3 solutions by josgarithmetic, MathTherapy, ikleyn:
Answer by josgarithmetic(39617)   (Show Source): You can put this solution on YOUR website!
If that is intended as 3.5% on the amount borrowed, then Ricardo will pay his brother dollars.

The 11 months time was already GIVEN.
Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

Hello
Interest=principal x rate x time
Is the time for this question 11 or 11 / 12?

Ricardo borrowed $1300 from his brother. He plans to pay him back in 11 months. If he pays 3.5% interest on the loan, what is the approximate amount he will pay back in 11 months,
Thanks in advance
The answer to your question is "Yes, the time (in fractional-form) is INDEED .
You can use the formula:  , but to get straight to the answer,
use the following formula, with A being the Future Value or Accumulated amount after 11 months

 




Future Value/Accumulated amount after 11 months, or

Answer by ikleyn(52787)   (Show Source): You can put this solution on YOUR website!
.

If the problem talks about the loan interest and gives a percentage without further explanations, this percentage

is the annual percentage,  by default.

It means that the unit of the time is a year in the problem.

In your problem,  the time is   t =  of a year.

-----------------

To see many similar  (and different)  simple interest problems solved and explained,  look into the lesson
    - Simple interest percentage problems
in this site.


Learn the subject from there.



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