Question

Morgan’s mom wants to borrow $720 to buy a new computer. The store will charge her 8% simple interest for one year. How much will she have to pay back if she pays the full amount in one year?

Answer 1

$900

Explanation:

Answer 2

$770.60

Explanation:

Simple interest is the same amount every year.

So first you work out 10%, then 5%, and then 1% which then you x3 to get 3%

10% = 72

5% = 36

1% = 7.2

3% = 14. 6

you then add together the 5% and the 3% to get the simple interest, which is

50.6

then you add the simple interest and the money she borrowed and that is your answer

720 + 50.6 = 770.60