Question

Ung borrows $92 from a friend to buy a new drill. if ung agrees to pay his loan in 6 months at 9% interest, then how much interest does ung pay?

Answer 1

We can calculate the total interest with this formula for simple interest:

`I=P* i* n`

Where P is the principal, i is the rate of interest and n is the number of periods.

If we replace the values from the statement of the question, we get:

`I=92*(9)/(100)*6=49.68`

Then, Ung pays $49.68 as interests