Question

Levi borrowed $7129 at 4% simple interest for 6 months. How much will the interest amount to? What is the total amount that Levi will have to pay back at the end of 6 months? Round answers to the nearest cent if necessary. Group of answer choices

Answer 1

Interest will amount to $142.58

Total amount Levi will have to pay back at the end of 6 months=$7271.58

Explanation:

Simple interest=principal×rate×time

Principal=$7129

Rate=4%=0.04

Time=6 month=0.5 year

Simple interest=principal×rate×time

=$7129×0.04×0.5

=$142.58

Interest will amount to $142.58

Total amount Levi will have to pay back at the end of 6 months

=principal + total interest

=$7129+$142.58

=$7271.58