Question

Miguel Rodriguez borrowed $500 from his brother Julio to pay for books and tuition. He agreed to pay Julio in 6 months

with simple annual interest at 6.9%.
a) How much will the interest amount to?
b) What amount must Miguel pay Julio at the end of 6 months?

Answer 1

the interest will be $500×6=,answer of

a.

Explanation:

$500×6and 6.9%/100and6/1and then it will give you the answer of how much will Miguel Rodriguez pay at the end of the month

Answer 2

Interest amount to $15.5.

Miguel must pay $515.5 Julio at the end of 6 months.

Explanation:

Given :Miguel Rodriguez borrowed $500.

He agreed to pay back in 6 months with simple interest at 6.2.

To Find :How much will the interest amount to? What amount must Miguel pay Julio at the end of 6 months?

Solution:

Principal (P)= $500

Rate of interest(R)= 6.2%

Time= 6 months = 0.5 years

Formula : SI = \frac{P \times R \times T}{100}SI=100P×R×T

SI = \frac{500 \times 6.2 \times 0.5}{100}SI=100500×6.2×0.5

SI = 15.5SI=15.5

So,the interest amount to $15.5

Amount = Principal +Interest

Amount = 500+500+15.5

Amount = $515.5

So, Miguel must pay $515.5 Julio at the end of 6 months.