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?
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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.
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1200 * ((0.085/12)*9) = Interest paid
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1200 + (1200 * ((0.085/12)*9)) is the amount repayed.
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1275.50
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