Question

You lend $1500 to a friend for four months at an interest rate of 4 ¾% per year. What total amount will your friend have to pay back?

With steps pls, thanks!

Answer 1

Answer:

principal is $1500

time is 4 months

rate is 4 ¾ %

so interest is prt/100

=1500×4×4¾/100

= 6000 × 4¾/100= 28,500/100

=$28.5

so the interest is $28.5

now let's see the amount your friend has to pay

amount = interest + principal

so = 1500+28.5

= $1528.5

so therefore your friend has to pay you $1528.5

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