Question

Mrs. Harrison borrows $600 to pay for a new phone. The simple interest on the loan is 9% for one year.

What is the total amount Mrs. Harrison will pay back?

Answer 1

$654

Explanation:

600*1.09=654

Answer 2

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 :

`S.I=(PRT)/(100)`

where,

P = principle

R = interest rate

T = time

S.I = simple interest

Now put all the given values in the above formula, we get:

`S.I=((\$600)* (9)* (1))/(100)`

`S.I=\$ 54`

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