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G borrowed $15,000 to buy a business. The interest
rate was 11%. If G paid all the interest and the amount
borrowed with a single payment at the end of 16
months, what is the amount of this payment?
a. $16,650
b. $16,925
c.$17,200

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shamoyaminto9

Answer:

the answer is 17,200 that s the answer need anything else please cantact me

Amount of this payment is $17,200 so, option "C" is the correct answer to the following question.

Interest and payment based question:

What information do we have?

Amount borrow = $15,000

Rate = 11%

Number of month = 16 months = 16 / 12 year = 1.333 year

Amount of payment = P(1 + r)ⁿ

Amount of payment = 15000(1 + 0.11)¹°³³

Amount of payment = 15000(1.1492)

Amount of payment = $17238

Amount of payment = $17,200 (Approx.)

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