Question

PLEASE HELP!!!!!!!!!!!!!!!

Marsha Waide borrows ​$5,500 and agrees to pay it back in 3 years. if the simple interest rate is ​14%, find the total amount she pays back.

Answer 1

$7,810

Explanation:

To calculate the total amount Marsha Waide pays back, including interest, you can use the simple interest formula:

\[ \text{Simple Interest} = P \cdot r \cdot t \]

where:

- \( P \) is the principal amount (the initial amount borrowed),

- \( r \) is the interest rate per time period (expressed as a decimal), and

- \( t \) is the time the money is borrowed or invested for, in years.

In this case:

- \( P = \$5,500 \) (the principal amount borrowed),

- \( r = 0.14 \) (14% interest rate expressed as a decimal), and

- \( t = 3 \) years.

Now plug these values into the formula:

\[ \text{Simple Interest} = \$5,500 \cdot 0.14 \cdot 3 \]

Calculate the simple interest:

\[ \text{Simple Interest} = \$5,500 \cdot 0.42 \]

\[ \text{Simple Interest} = \$2,310 \]

Now, to find the total amount Marsha pays back, you add the simple interest to the principal:

\[ \text{Total Amount} = \text{Principal} + \text{Simple Interest} \]

\[ \text{Total Amount} = \$5,500 + \$2,310 \]

\[ \text{Total Amount} = \$7,810 \]

Therefore, Marsha Waide will pay back a total of \$7,810 over the 3-year period, including both the principal and the simple interest.

Answer 2

$7810

Explanation:

The formula for simple interest is given by:

`\sf I = P * r * t`

Where:

• 
  `\sf I` is the interest,
• 
  `\sf P` is the principal amount (initial loan amount),
• 
  `\sf r` is the interest rate per time period (as a decimal),
• 
  `\sf t` is the time the money is borrowed or invested for (in years).

The total amount paid back (
`\sf A`) is given by the sum of the principal and the interest:

`\sf A = P + I`

Given that Marsha borrows $5,500, the interest rate is 14% (or 0.14 as a decimal), and she agrees to pay it back in 3 years,

let's calculate the interest (
`\sf I`) first:

`\sf I = 5500 * 0.14 * 3`

`\sf I = 2310`

Now, we can find the total amount paid back (
`\sf A`):

`\sf A = 5500 + 2310`

`\sf A = 7810`

Therefore, Marsha will pay back a total of $7,810 over the 3-year period.