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Please help so I can watch Coop and Cami ask the world

Please help so I can watch Coop and Cami ask the world-example-1
User Matt Kagan
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2 Answers

7 votes

Explanation:

Simple interest=principal x rate x time÷100

amount borrowed=$500

I=$500x7x6÷100

I=$210

therefore you will pay

amount borrowed+interest

$500+$210

$710

hope this is helpful

User Aurangzeb
by
8.2k points
4 votes

To calculate the total amount paid altogether on a loan, you need to add the principal (borrowed amount) and the interest. In this case, the total amount paid will be $710.

To find out how much you will pay altogether, you need to calculate the total amount including both the principal (borrowed amount) and the interest. You can use the formula:

Total Amount = Principal + Interest

In this case, the principal is $500 and the interest rate is 7% per year. To calculate the interest, use the formula:

Interest = Principal × Rate × Tim

where the time is given as 6 years. Substituting the values, we get:

Interest = $500 × 0.07 × 6 = $210

Now, you can calculate the total amount:

Total Amount = Principal + Interest = $500 + $210 = $710

So, you will pay a total of $710 altogether.

The probable question may be:

If you borrow $500 for 6 years at an annual interest rate of 7%, how much will you pay altogether?

User Chaye
by
6.9k points
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