Can someone give me the formula to figure this out?

Colin needs to borrow $1,500 for car repairs. How much interest will he pay if the rate is 4.9% and he has 125 days to repay the loan? (Be sure to round the time to the nearest hundredth. Example: 250 days divided by 365 is .68 not .684.)

Answer 2

I = PRT

I = 1500 X .049 x .50 ( 125/250)

I = ………….

Answer 1

If the Interest rate is yearly:

(Days Borrowed/Days In a Year) * (Money Borrowed* Interest Rate)
=(125/365) * (1500*0.049)

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