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Sarah loans Kim $500 and charges her 2% simple annual interest. Kim promises to repay Sarah in 18 months (1 year= 12 months) . About how much will Kim have to pay Sarah? Round your answer to the nearest
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Sarah loans Kim $500 and charges her 2% simple annual interest. Kim promises to repay Sarah in 18 months (1 year= 12 months) . About how much will Kim have to pay Sarah? Round your answer to the nearest cent.

User Neilime
by
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1 Answer

9 votes

Answer:

$515

Step-by-step explanation:

2% interest for 12 months

Two percent of 500 dollars is 10 dollars

12 months to $10

Six months to five dollars

18 months to $15

500+15=515

User RidRoid
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4.1k points
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