SOLUTION: Greg borrowed $3000 from a bank for 11months. The rate of interest charged is 11.4%.
1. How much interest did he pay for the use of the money?
2. What is the amount he repai
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-> SOLUTION: Greg borrowed $3000 from a bank for 11months. The rate of interest charged is 11.4%.
1. How much interest did he pay for the use of the money?
2. What is the amount he repai
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Question 1012624: Greg borrowed $3000 from a bank for 11months. The rate of interest charged is 11.4%.
1. How much interest did he pay for the use of the money?
2. What is the amount he repaid to the bank on the due date of the loan? Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! Interest is found by
I = prt
I = (3000)(.114)(11/12) = $313.50
Thus he paid back the principal plus the interest, or
$3313.50
