Margo borrows $800 agreeing to pay it back with 5% annual interest after 16 months. How much interest will she pay?
2 answers:
Answer:
$53.33
Step-by-step explanation:
We are asked to find the amount of interest paid by Margo.
We will use simple interest formula to solve our given problem.
, where,
I = Amount of interest,
P = Principal amount,
r = Interest rate in decimal form,
t = Time in years.
Let us convert our given rate in decimal form and time in years as:





Therefore, Margo paid $53.33 in interest.
She will pay $640 because....
800(.05)= 40
40x16= 640
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