Question

Yoshua borrowed $8,000 from his credit union over 9 months. He pays a simple interest of

Answer 1

Answer:

$\boxed{\blue{\sf He\ will \ owe \ \ 8540 .}}$

Step-by-step explanation:

According to Question , Yoshua borrowed $8,000 from his credit union over 9 months. He pays a simple interest of 9%. And we are required to find the total amount of money he will owe the bank .

So , we know the formula of Simple Interest as ,

$\qquad\boxed{\red{\bf SI =\dfrac{P\times R\times T}{100}}}$

As ,per the data in Question ,

• Amount = $ 8,000
• Time = 9 months
• Rate of Interst = 9% .

$\implies SI = =\dfrac{P\times R\times T}{100} \\\\\implies SI =\dfrac{\ 8000 \times \dfrac{9}{12}\times 9 }{100} \\\\\implies SI = \dfrac{\ 8000 \times 9 \times 9 }{12\times 100 }\\\\\boxed{\pink{\bf \implies Simple\: Interst = \ 540 }}$

Hence the Simple Interest is $ 540.

And , we know that Amount is ,

$\qquad\boxed{\red{\bf Amount = SI + Principal}}$

$\implies Amount = Principal + SI \\\\ \implies Amount = \ 8000 + \ 540 \\\\\boxed{\orange{\bf \implies Amount= \ 8540 }}$

Hence he will owe $ 85400.