Question

Miguel Rodriguez borrowed ​$200 from his brother Julio to pay for books and tuition. He agreed to pay Julio in 6 months with simple annual interest at 6.8​%.

​a) How much will the interest amount​ to?
​b) What amount must Miguel pay Julio at the end of 6​ months?

The simple interest is ​$

Answer 1

The interest amount is $6.80 and Miguel must pay Julio a total amount of $206.80 at the end of 6 months.

Step-by-step explanation:

To calculate the interest amount, we can use the formula: Interest = Principal x Rate x Time. In this case, the principal is $200, the rate is 6.8%, and the time is 6 months (0.5 years). So, the interest amount is:

Interest = $200 x 0.068 x 0.5 = $6.80

To calculate the total amount Miguel must pay Julio at the end of 6 months, we add the initial loan amount and the interest amount. So, the total amount is:

Total Amount = $200 + $6.80 = $206.80

Answer 2

a)6/12 *.068=.034
b)200 + 200(.034)=$206.80 due at 6 months
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