Jo borrowed $3800 for 8 months from a bank at 5.5% a. how much interest did jo pay the bank for the us of it's money?b. how much did he pay total?

Respuesta :

Let's begin by listing out the given information:

Loan (p) = $3,800

Time (t) = 8 months = 8/12 year

Interest rate (r) = 5.5%

a)

We calculate it thus:

[tex]\begin{gathered} I=\frac{p\times r\times t}{100} \\ I=\frac{3800\times5.5\times\frac{8}{12}}{100}=139.33 \\ I=\text{\$}139.33 \end{gathered}[/tex]

b)

The amount paid in total is:

[tex]\begin{gathered} A=p+I \\ A=3800+139.33=3939.33 \\ A=\text{\$}3939.33 \end{gathered}[/tex]