Answer:
The total amount is 1214.4
Step-by-step explanation:
Given
principal p=$1200
interest rate r= 12%= 12/100= 0.12
time t= 1
n= 12
we know that the compound interest formula is
A=p(1+r/n )^nt
A=1200(1+0.12/12)^1*12
A=1200(1+0.01)^12
A=1200(1.001)^12
A=1200*1.012
A=1214.
Answer:
Correct answers:
$2928$
Step-by-step explanation:
$2928$
We express the interest r in decimal form, so we have r=12%=12100=0.12. The principal is P0=$1,200, so the interest is I=P0⋅r⋅t=$1,200⋅0.12⋅12=$1,728. The interest paid is $1,728, so the total amount repayable is $1,200+$1,728=$2,928.
