If you borrowed $1,000 with an interest rate of 14.5% over 12 months, what is your total cost to borrow?

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Mathematics

Guest

9 January, 02:56

If you borrowed $1,000 with an interest rate of 14.5% over 12 months, what is your total cost to borrow?

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Answers (2)

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Jazlyn Soto · Answer 1

The Simple Interest Formula is I = Prt

I = ?

P = $1,000

r = 14.5% = 0.145

t = 1 year

I = 1000 (0.145) (1)

I = $145

Your total cost to borrow is $145

Rojas · Answer 2

I dont have a calculator, but 1000 (1 plus. 145) ^12 ... I guess