SOLUTION: Mr. and Mrs. Kennedy borrowed $1,200 from their family for 9 months to invest in a small business venture. if they agreed to pay 8 1/2% interest annually, how much must they repay?
Algebra.Com
Question 544292: Mr. and Mrs. Kennedy borrowed $1,200 from their family for 9 months to invest in a small business venture. if they agreed to pay 8 1/2% interest annually, how much must they repay?
Answer by friesr(113) (Show Source): You can put this solution on YOUR website!
(0.085/12)*9 = interest for 9 months.
--
1200 * ((0.085/12)*9) = Interest paid
---
1200 + (1200 * ((0.085/12)*9)) is the amount repayed.
---
1275.50
===
RELATED QUESTIONS
Della Riley borrowed $2400 for 6 months to invest in a business venture. If she agreed to (answered by Theo,ikleyn)
Mark and Brian are starting a new business. They borrowed $7,500 from their bank in... (answered by Boreal)
1.Mr and Mrs Jones calculates the amount of money they will need in order to live... (answered by ikleyn)
a women invest $25,000 in two business ventures/ last year she made a profit of 15% from... (answered by mananth)
mr levy borrowed money from lenders one lender charged 5.5% simple interest and the other (answered by ikleyn)
to start a small business mr. tan borrowed a total of 50000 pesos from 2 banks the first... (answered by greenestamps)
Mr. Daniels and Mr. Griffith invested $120,000 in a business. They invested in a ration (answered by rfer)
Ann, Bill, Cynthia, and Don respectively invest $2000,
$3000, $8000, and $7000 in a... (answered by Edwin McCravy)
Mr. and Mrs. Jackson invested some money at 6% simple interest and some money at 10%... (answered by mananth)