Answer:
simple interest is $6.8
Miguel pay the amount to Julio at the end of 6 months was $206.8
Explanation:
Given : 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%.
To Find : a) How much will the interest amount to?
b) What amount must Miguel pay Julio at the end of 6 months?
Solution :
Formula for simple interest :
Where rate is in decimal
Time is in years
So, rate of interest = 6.8 % = 0.068
Time = 6 months = 6/12=0.5
Principal = $200
Thus= 200x0.068x0.5=6.8