contestada

Tony opened a hot dog stand last April. He borrowed ​$6800 to pay for the stand and startup​ inventory, and he agreed to pay off the loan in 9 months at 6​% simple interest. Find the total amount required to repay the loan.
Question content area bottom
Part 1
The total amount required to repay the loan is ​$
  
enter your response here.
​(Simplify your answer. Type an integer or decimal rounded to the nearest cent as​ needed.)

Respuesta :

muzammilbhutia3

Answer:

To find the total amount required to repay the loan, we need to calculate the total amount including both the borrowed amount and the interest.

First, let's find the amount of interest Tony needs to pay:

Interest = Principal * Rate * Time

Substituting the given values:

Interest = $6800 * 0.06 * (9/12) = $306

Now, let's add the interest to the borrowed amount to find the total repayment amount:

Total repayment amount = Borrowed amount + Interest

Total repayment amount = $6800 + $306 = $7106

So, the total amount required to repay the loan is $7106.

Otras preguntas