Question

Mai borrowed $12,000 at 5% interest for 6 years.

What was the total interest Mai paid?

$ = ?

Answer 1

I think the answer is 100 dollars per year because I multiplied 12,000 by 5 %. to change the percent I went and put a decimal two spaces before the five because that's how you have to do it or it wont work. the answer was 600 dollars. to get the answer per year I had to divide 600 by 6 years.

Answer 2

Well to solve this question we first need to know the formula for finding simple interest as because you dont state otherwise is what Im going to find for you which is,
`S(1(+or-)I) ^(T)` S=starting amount, I=interest rate, and T=amount of years that the cash has been in the bank. So now all that we need to do is input are numbers like so 12000(1+.05)
`^(6)` now just solve like so,
12000(1+.05)
`^(6)`=16081 now to find how much she paid extra take,
16081-12000=4081 so are end answer is she paid $4081 in interest.

Enjoy!=)