16 June, 19:29

# Dan borrowed \$865.00 from his brother who is charging him 8% simple interest. If Dan pays his brother back in 6 months, how much does he have to pay back including the interest?a) 415.20b) 34.60c) 1,280,20d) 899.60

0
Answers (1)
1. 16 June, 21:04
0
First, converting R percent to r a decimal

r = R/100 = 8%/100 = 0.08 per year.

Putting time into years for simplicity,

6 months / 12 months/year = 0.5 years.

Solving our equation:

A = 865 (1 + (0.08 * 0.5)) = 899.6

A = \$899.60

The total amount accrued, principal plus interest, from simple interest on a principal of \$865.00 at a rate of 8% per year for 0.5 years (6 months) is \$899.60.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Dan borrowed \$865.00 from his brother who is charging him 8% simple interest. If Dan pays his brother back in 6 months, how much does he ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.