Question
If $800 is borrowed for five years at 6% simple annual interest, then find the interest owed and the amount repaid.
If $800 is borrowed for five years at 6% simple annual interest, then find the interest owed
and the amount repaid.
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Koala Tutor
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The formula for simple interest is I = PRT, where I is the interest, P is the principal amount (the initial amount of money), R is the rate of interest per year, and T is the time the money is invested for in years.
In this case, P = $800, R = 6% = 0.06, and T = 5 years.
So, the interest I = PRT = $800 * 0.06 * 5 = $240.
The amount repaid is the original amount borrowed plus the interest, which is $800 + $240 = $1040.
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