Question

HURRY PLEASE HELP Missy borrowed $5900 for seven years at an annual rate of 8%. What is the TOTAL AMOUNT that Missy will need to pay after 7 years? (principal AND interest)

Answer 1

Answer: $5933.04

Explanation:

Principal = $5900

Rate = 8%

Time = 7 years

Simple interest = PRT/100

= (5900 × 8% × 7)/100

= (5900 × 0.08 × 7) / 100

= 3304/100

= $33.04

Total amount = Principal + Interest

= $5900 + $33.04

= $5933.04