Question

Ms.lang borrows $2,300 for 30 months at 13% interest per year. How much interest will ms.lang pay? What is the total amount she will repay?

Answer 1

now, we're assuming this is on a simple interest rate, so hmm say a year has 12 months, so 30 months will just be 30/12 of a year.

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$2300\\ r=rate\to 13\%\to (13)/(100)\dotfill &0.13\\ t=years\to (30)/(12)\dotfill &(5)/(2) \end{cases} \\\\\\ I = (2300)(0.13)((5)/(2)) \implies I = 747.5~\hfill \underset{ \textit{amount to be repaid} }{\stackrel{ 2300~~ + ~~747.5 }{\text{\LARGE 3047.5}}}`

Answer 2

The formula to calculate simple interest is:

I = Prt

Where I is the interest, P is the principal amount borrowed, r is the interest rate per period, and t is the time period.

Using this formula, we can calculate the interest Ms. Lang will pay as follows:

I = Prt

I = 2300 * 0.13 * (30/12)

I = $975

Therefore, Ms. Lang will pay $975 in interest over the 30-month period.

To calculate the total amount she will repay, we need to add the interest to the principal amount borrowed:

Total amount = Principal + Interest

Total amount = $2300 + $975

Total amount = $3275

Therefore, Ms. Lang will repay a total of $3275, which includes the $2300 principal and $975 interest.