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avanturin [10]
2 years ago
15

Henry borrowed $770 from his friend at 6.875% simple annual interest for 8 months. What is the total amount that Henry will repa

y? Round your answer to the nearest cent.
$35.29
$805.29
$805.30
$822.93
$822.97
None of the above.
Mathematics
1 answer:
tester [92]2 years ago
4 0

The total amount to be repaid is equal to $949.66

Step-by-step explanation:

Simple interest is a type of interest that is usually applied on short term loans, where when a payment is made towards this kind of interest the payment first goes towards monthly interest, and then the remainder is reverted towards the principal.

FORMULA FOR CALCULATING SIMPLE INTEREST =

Here principal = $922

        interest rate = 6%

        time period = 6 months (when made per annum it will be 6/12)

SIMPLE INTEREST IS EQUAL TO $27.66

The total amount that is to be repaid is equal to

  PRINCIPAL + SIMPLE INTEREST

= $922 + $27.66

= $949.66

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How do you convert a whole number to a fraction?
Maslowich

Answer:

Step-by-step explanation:

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If you follow the pattern, you will realize all whole numbers are fractions already.

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A fraction is simply a way to describe portions of a whole. The denominator simply tells you how many pieces to break the whole into. When the denominator is 1, you are breaking the whole into one piece (or not breaking it apart at all.

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