Question

New shoes are on SALE. You find a pair you like for $85 dollars. But you only have $45 with you. So, you pay $40 and

Answer 1

Explanation:Answer:

The balance amount owned in six months is $ 46.8

Explanation:

Given as :

The price of new shoes = $85

The amount paid for the shoes = $ 40

The balance amount for the shoes = $85 - $40 = $ 45

The rate of interest = 8%

the time period = 6 months = 0.5 years

From simple method

Simple interest =

or, Simple interest =

Or, Simple interest = = $1.8

So, Amount = Principal + Interest

or, Amount = $45 + $1.8 = $ 46.8