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Jessica borrowed $1,450 for three months at an annual rate of 8.75%under a single-payment plan. How much interest must she pay?a. $0.30b. $31.72c. $4,893.75d. $108.75

Respuesta :

Given:

Principal amount (P)= $1450

Rate (R) = 8.75%

Time (T)= 3 months

The interest is given by the formula,

[tex]\begin{gathered} I=\frac{P\times R\times T}{100\times12} \\ =\frac{1450\times8.75\times3}{100\times12} \\ =31.71875 \end{gathered}[/tex]

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