michael borrowed $ 700 from his father. He promise to pay back the $700 with interesd in 9 moths. If michael pays his father 6% simple interest how much does he owe at the end of 9 moths?
I = P * r * t
I = 700 * 0.06 * 0.75
I = ?
Interest = principal times rate times time.
Simple interest multiple all together 31.5.
To calculate the amount Michael owes at the end of 9 months with a simple interest rate of 6%, we need to first calculate the interest and then add it to the principal.
Step 1: Calculate the interest:
Interest = Principal × Rate × Time
Principal = $700
Rate = 6% = 0.06 (decimal form)
Time = 9 months
Interest = $700 × 0.06 × 9/12
= $31.50
Step 2: Add the interest to the principal:
Amount owed = Principal + Interest
Amount owed = $700 + $31.50
Amount owed = $731.50
Therefore, at the end of 9 months, Michael owes his father $731.50.