If I had borrowed 1500 for six months at 8.5% annual simple interest. How much I will have to repay at the end of six months period
You're not helping anyone by posting wrong answers, Hi.
I think it's $765.00. Not 100% sure though
Nope, Hi. You forgot to repay the principal.
I = PRT
I = 1500 * 0.085 * 0.5
Find the interest and add it to the principal.
Omg see, I knew I wasn't right lol
know*
no*
1563.75
To find out how much you will have to repay at the end of the six-month period, we'll need to calculate the total amount including both the principal amount (borrowed amount) and the interest.
First, let's calculate the interest for the six-month period using the simple interest formula:
Interest = Principal x Rate x Time
Given:
Principal (P) = $1500
Rate (R) = 8.5% per annum
Time (T) = 6 months or 0.5 years (since there are 12 months in a year)
So, the interest can be calculated as:
Interest = $1500 x 0.085 x 0.5 = $63.75
Now, to find the total amount to be repaid, we need to add the interest to the principal amount:
Total Amount = Principal + Interest
Total Amount = $1500 + $63.75 = $1563.75
Therefore, you will have to repay $1563.75 at the end of the six-month period.