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. knowing this, what was the total amount of interest mr. fixit paid?
a. $21.50
b. $172
c. $258
d. $358

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,

Where,

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,

Now, We find the interest

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

Therefore, Option B is correct.

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