Nigel borrows $250 and pays 5.5% simple interest each year. if he pays back the money in one year, what is the total amount that
he pay? Write equation and solve.
2 answers:
Answer: $263.75
Step-by-step explanation:
5.5= 0.055
250x.055=263.75
Answer:
$263.75
Step-by-step explanation:
You can calculate the interest using the formula I = C x i x t
I: interest to pay
C: initial capital
i: interest rate (annual)
t: time (in this case, number of years)
I = $250 * 5.5% * 1 = $13.75 of interest + $250 = $263.75
Nigel will be paying $263.75
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