Miguel borrowed $5500 to pay his tuition. If he pays simple interest for 15 months at a rate 4.5%, what is the total amount that will be repaid at the end of the 15 months? Round to the nearest cent

Question

Miguel borrowed $5500 to pay his tuition. If he pays simple interest for 15 months at a rate 4.5%, what is the total amount that will be repaid at the end of the 15 months?  Round to the nearest cent

anonymous · Answer

@MrNood

anonymous · Answer

$$interest=5500 \times \frac{ 15 }{ 12 }\times \frac{ 4.5 }{ 100 }=?$$
add principal,

anonymous · Answer

309. 375?

texaschic101 · Answer

read this.. http://www.rapidtables.com/calc/finance/simple-interest-calculation.htm

anonymous · Answer

If he pays simple interest for 15 months at a rate 4.5% @Pawanyadav

anonymous · Answer

my answer is $5,550 + $309.36 = $5809.36 the total amount that will be repaid at the end of the 15 months

pawanyadav · Answer

4.5% per year or month

tkhunny · Answer

Interest = Principal * Rate * Time

Never anything else.

Add the interest to the Original Principal and you are done.  You seem to have the idea.  I'd go with 38¢, rather than 36¢.

pawanyadav · Answer

Total amount=principal + interest