A contractor borrows $1,000 at 11.8% interest rate per annum to buymaterial for a job. The debt is paid 18 months later. What amount ispaid in interest?

Compound Interest Formulawhere A is the final amount after time t P is the initial investment R is…

Answered: A contractor borrows $1,000 at 11.8%…

Elementary Geometry For College Students, 7e

7th Edition

ISBN:9781337614085

Author:Alexander, Daniel C.; Koeberlein, Geralyn M.

Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.

ChapterP: Preliminary Concepts

SectionP.CT: Test

Problem 1CT

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A contractor borrows $1,000 at 11.8% interest rate per annum to buy material for a job. The debt is paid 18 months later. What amount is paid in interest?