A small business owner borrowed 4,200 at an annual simple interest rate of 12% what is The Total amount That Must be repaid in 3 Months

The total amount that must be repaid in 3 months is $4326.

Step-by-step explanation:

It is given that,

The amount borrowed is 4,200 which is the principal amount.The interest rate is 12%.The time period  is 3 months.

Now, to calculate the interest amount for 3 months, the interest formula is used.

Interest, I = P×r×t

where,

P is the principal amount 4,200r is the interest rate 12% = 12/100 = 0.12t is the time period in years = 3/12

Interest = 4200 × 0.12 × 3/12

Interest = 126

Therefore, the interest amount for 3 months is $126.

The total amount that must be repaid in 3 months = borrowed amount + interest amount for 3 months.

⇒ 4200 + 126

⇒ 4326 dollars.

The total amount that must be repaid in 3 months is $4326.

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