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
let
P = $450 the principal
r = 0.09 or 9% annual interest rate
t = 3 months = 3/12 = 1/4 = 0.25 years
A = the future value
A = P(1 + rt)
A = 450(1 + 0.09*0.25)
A = $460.125
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the total amount due at the end of the 3 months is $460.125.