Mrs. Harrison borrows $600 to pay for a new phone. The simple interest on the loan is 9% for one year.
2 answers:
Answer : The total amount Mrs. Harrison pay back will be, $654
Step-by-step explanation :
Given:
Principle = $600
Rate = 9 %
Time = 1 years
First we have to determine the simple interest.
Formula used :
where,
P = principle
R = interest rate
T = time
S.I = simple interest
Now put all the given values in the above formula, we get:
The simple interest is, $54
Now we have to determine the total amount Mrs. Harrison will pay back.
Total amount = Principle + Simple interest
Total amount = $600 + $54
Total amount = $654
Thus, the total amount Mrs. Harrison pay back will be, $654
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