A farmer borrowed $6000 from the bank for 4 months and agreed to pay 12% annual interest. Including interest, how much did he have to repay?

A farmer borrowed $6000 from the bank for 4 months and agreed to pay 12% annual interest. Including interest, how much did he have to repay?
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2 Answers

4months/12=1/3 yeer

interest=6000$*0.12/3

=240$
by

Given farmer borrowed = $6000

Time = 4 months

Interest = 12%

4months/12=1/3 year

Interest=(6000$*0.12)/3

Interest =240$

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