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

Question

Devin borrowed $1,058 at 13 percent for nine months.

What will he pay in interest?

How much is his total payment?

What will be his monthly payment?

0

Answers ( No )

    0
    2021-09-08T21:52:15+00:00

    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.

Leave an answer

Browse
Browse