Rochelle borrowed $850 for 6 years at a simple interest rate of 8%. How much will Rochelle have to repay after the 6 years ?
I = PRT
I = 850 * 0.08 * 6
I = $408
408 + 850 = ?
5,100
To find out how much Rochelle will have to repay after 6 years, we can use the formula for simple interest:
I = P * r * t
Where:
I = interest
P = principal amount (the amount borrowed)
r = interest rate per year
t = time period (in years)
First, let's calculate the interest:
I = 850 * 0.08 * 6
I = 408
The interest Rochelle will have to repay is $408.
To find the total repayment amount, we need to add the interest to the principal:
Total repayment amount = Principal + Interest
Total repayment amount = 850 + 408
Total repayment amount = $1258
Therefore, Rochelle will have to repay $1258 after 6 years.