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Answered

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 repay?

A1,252.27
B1,100.00
C1,087.35
D1,206.57

Verified Answer :

Answer:

The correct option is d.

Step-by-step explanation:

It is given that Zack borrowed $1,087 for 12 months at 11% interest. It means he must pay 11.00 per $100.

Formula of simple interest:

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

Where P is principal amount, r is rate of interest in percentage and t is time in years.

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

\(I=119.57\)

The interest paid by Zack is $1,087.

The total amount of money he will repay is

\(1,087+119.57=1,206.57\)

Therefore option d is correct.

LegalSloth

Answer:

I took the test But I thought it would at lot more helpful to just put the right answer this is everything that has to do with Zack for this test

Step-by-step explanation:

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is the total interest?

$119.57 (Correct)

$130.44

$132.00

$158.95

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is the total amount of money he will repay?

$1,252.27

$1,206.57 (Correct)

$1,100.00

$1,087.35

Zack borrowed $1,087 for 12 months at 11 percent interest. If he must pay 11.00 per $100, what is Zack's monthly payment?

$100.55 (Correct)

$132.00

$1,087.00

$1,100.00