Mr. fixit wanted to remodel his business, so he got

Ответ:

oopfloop2

02.01.2022

Option B - $172

Step-by-step explanation:

Given : Mr. Fixit wanted to remodel his business, so he got a loan of $4,300, at a rate of 6 percent interest. He paid this loan off in 8 months.

To find : What was the total amount of interest Mr. Fixit paid?

Solution :

Applying compound interest formula,

A=P+I

Where, A=P(1+r)^t

Here, A is the amount

P is the principal P=$4300

r is the interest rate r=6%

t is the time = 8 months

Substitute the value in the formula,

$A=4300(1+\frac{6}{1200})^8$

A=4300(1+0.005)^8

A=4300(1.005)^8

$A=4300\times 1.04$

A=4472

Now, We find the interest

4472=4300+I

I=4472-4300

$I=\$172$

Total amount of interest Mr. Fixit paid is $172.

Therefore, Option B is correct.

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