a loan amount of $8919 was repaid at the end of 7 months. What was the repayment amount if a 6.6% annual interest was charged

Question

a loan amount of $8919 was repaid at the end of 7 months. What was the repayment amount if a 6.6% annual interest was charged

Answer 1

I = prt  

 

I = 8919(0.066)(7/12)

 

Whip out your callculator to find the value of interest above (for 7 months in a 12 mo. yr.)

 

The answer, repayment amount, will be $8919 + the above interest.  Round to the nearest cent.