Problema Solution
Marty borrowed $450 at 9% interest for 3 months. Find the total amount due at the end of the 3 months.
Answer provided by our tutors
P = $450
i = 0.09 or 9%
t = 3 months = 3/12 = 1/4 years
A = the total amount due
A = P(1 + r*t)
A = 450(1 + 0.09*(1/4))
A = $460.125