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Devin borrowed $1,058 at 13 percent for nine months. What will he pay in interest? How much is his total payment?

Question

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## Answers ( No )

Given:

amount borrowed: 1,058

interest rate: 13%

term: 9 months

I’m assuming that the 13% rate is the annual interest rate. I’m also assuming that this problem is a simple interest problem.

Interest = Principal * rate * term

Interest = 1,058 * 13% * 9/12

Interest = 103.16

Total payment = Principal + interest

Total payment = 1,058 + 103.16 = 1,161.16

His monthly payment will be:

1,161.16 / 9 mos = 129.02

Devin will pay a 129.02 per month for 9 months to pay off his loan principal of 1,058 and the interest of 103.16.