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Katie bought a bike on an Installment loan for 762 on a 14% interest rate. She will pay it back with 42 monthly payments. What is the Amount borrowed?

Respuesta :

hephzibahosunde

Answer:

1135.38

Explanation:

so I'm sure this us simple interest and the formula is I =PRT/100 and amount=principal + interest , from what I can remember so input it into the formula

so my teacher said that the principal can also be money borrowed so that is

762×14/100×14/4 , time is 42 months so it needs to be in years so 12months=1 year

52months= x

then cross multiply it will give you 14/4 do you in case I made a mistake

so we need to find interest

the principal +interest = amount

so I think this is it

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