Miguel Rodriguez Borrowed $400 from his brother Julio to pay for books and tuition. He agreed to pay Julio in 6 months with simp le annual interests at 6.8% How much will the interest amount to what amount must Miguel pay Julio at the end of 6 months
2 answers:
The simple interest is calculated as :
S.I = P*T*R
where S.I is the simple interest to be calculated
P = Principal
T = Time period in years
R = Annual interest rate
The the above problem,
Amount borrowed which would be the principal (P) = $400
Time period = 6 months = 1/2 year
Annual interest rate = 6.8% = 6.8/100 = 0.068
Simple Interest = P*T*R
Simple Interest = 400*1/2*0.068 = 200 *0.068
Simple Interest = $13.6
The simple interest amount that Miguel must pay to Julio at the end of six months is $13.6
Answer:
13.00
Step-by-step explanation:
That is only if the annual interest is 6.3
and the final was $413.00
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