Solve for y.
-Sophia borrowed $11,790 at 6% simple interest for 4 months. How much will the interest amount to? What is the total amount that she will have to pay back at the end of 4 months? Round answers
To the nearest cent if necessary.
A) $294.75; $12,084.75
B) $176.85; $11,966.85
C) $237.78; $12,027.78
D) $235.80; $12,025.80

Question

Quizplus · Accepted Answer

The interest is calculated using the formula I = PRT, where P = $11,790, R = 6% per annum (0.06), and T = 4/12 years. The interest is $235.80, and the total amount is $12,025.80.

Solve for Y. -Sophia Borrowed $11,790 at 6% Simple Interest for 4 Months