Question

You borrow $500 at 4% "simple interest paid out only one time" for 6 months. Calculate...

You borrow $500 at 4% "simple interest paid out only one time" for 6 months.

Calculate the interest you pay (I) and the end amount (A).

Homework Answers

Answer #1

simple intrest(I) = Ptr/100

                      = (500 * 1/2 * 4)/100

                      = 2000/100

                      = 20

Amount(A) = p + I

                 = 500 + 20

                = 520

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