Question

You borrowed $ 1,177 for 5 years with simple interest rate of 4.84 %. How much you

have to pay back to the lender?

Answer 1

To calculate the total amount owed on a $1,177 loan with a 4.84% interest rate over 5 years, apply the simple interest formula to find the interest ($284.68) and add it to the principal. The total repayment amount is $1,461.68.

Step-by-step explanation:

To calculate the total amount you have to pay back to the lender for a loan of $1,177 borrowed for 5 years with a simple interest rate of 4.84%, you need to calculate the simple interest and then add it to the principal amount. The formula for simple interest is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year in decimal form, and T is the time in years.

Using the formula: I = $1,177 * 0.0484 * 5 = $284.6776, which can be rounded to $284.68. Adding the interest to the principal amount, P + I = $1,177 + $284.68 = $1,461.68. Therefore, you would have to pay back $1,461.68 to the lender after 5 years.

To calculate the total amount to pay back to the lender, we need to add the interest to the principal loan amount. The formula for calculating simple interest is:

Interest = Principal * Rate * Time

Plugging in the values from the question, the interest = 1177 * 0.0484 * 5 = 285.224

To find the total amount to pay back, we add the interest to the principal loan amount:

Total amount = Principal + Interest = 1177 + 285.224 = 1462.224

Answer 2

To calculate the total amount to pay back, use the formula for simple interest. Multiply the principal ($1,177) by the interest rate (4.84%) and the time (5 years). Add the resulting interest to the principal to get the total amount to pay back ($1,463.26).

Step-by-step explanation:

To calculate the total amount you have to pay back to the lender, you need to add the interest to the principal. The formula for calculating simple interest is:

Simple Interest = Principal x Rate x Time

In this case, the principal is $1,177, the rate is 4.84%, and the time is 5 years. Plugging in these values into the formula:

Simple Interest = 1,177 x 0.0484 x 5 = $286.26

Therefore, the total amount you have to pay back to the lender is the sum of the principal and the interest:

Total Amount = Principal + Simple Interest = $1,177 + $286.26 = $1,463.26

R is the rate of interest per year, and T is the time the money is borrowed for in years.

In this case, the student borrowed $1,177 for 5 years with a simple interest rate of 4.84%. Calculating the total interest paid over the 5 years, we have I = 1177 * 0.0484 * 5. The interest I computes to $284.594 (rounded to three decimal places). To find out the total amount to be paid back to the lender, we add the interest to the principal amount: $1177 + $284.594 = $1461.594, which can be rounded to $1461.59.