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ki77a
23 days ago
13

Zack borrowed $1,087 for 12 months at 11% interest. if he must pay 11.00 per $100, what is the total amount of money he will rep

ay?
a. 1,252.27
b. 1,100.00
c. 1,087.35
d. 1,206.57
Mathematics
2 answers:
Inessa [6K]23 days ago
0 0

Answer:

I completed the exam, but I believe it would be more beneficial to highlight the correct answer, which pertains to Zack in this test

Step-by-step explanation:

Given that Zack borrowed $1,087 for 12 months at an interest rate of 11%, what is his total interest expense?

$119.57 (Correct)

$130.44

$132.00

$158.95

Zack's $1,087 loan, at an 11% interest rate, leads to what total amount payable?

$1,252.27

$1,206.57 (Correct)

$1,100.00

$1,087.35

For Zack's borrowed $1,087 loan at an 11% interest rate, what would his monthly payment be?

$100.55 (Correct)

$132.00

$1,087.00

$1,100.00

Svet_ta [6.6K]23 days ago
0 0

Answer:

The accurate choice is d.

Step-by-step explanation:

Zack took a loan of $1,087 for a period of 12 months at an interest rate of 11%. The implication is that he owes $11.00 for every $100 borrowed.

The simple interest formula is:

I=\frac{P\times r\times t}{100}

Where P signifies the principal amount, r represents the interest rate in percentage, and t indicates time in years.

I=\frac{1087\times 11\times 1}{100}

I=119.57

Zack's interest amounts to $1,087.

The total amount that he must repay is

1,087+119.57=1,206.57

Thus, option d is the right answer.

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