Kelly borrows $5,200 on 4% interest rate for 6 months. What will that total principal+interest payment be?
I am confused-is interest measured as a percent or as money?
p=$5200
i=$104
p+i=$5200+$104
=$5304
I = PRT
I = 5,200 * 0.04 * 0.5
I = ?
Add the interest to the principal to find the total payment.
Interest is money.
Right.
THANK YOU SO MUCH!
You're very welcome.
Kelly borrows $5,200 on 4% interest rate for 60 months.
To find the total principal + interest payment, we need to calculate the interest first and then add it to the principal.
First, let's calculate the interest:
Interest = Principal * Rate * Time
Interest = $5,200 * 4% * (6 months / 12 months)
Interest = $5,200 * 0.04 * 0.5
Interest = $104
Next, add the interest to the principal:
Total Payment = Principal + Interest
Total Payment = $5,200 + $104
Total Payment = $5,304
Therefore, the total principal + interest payment will be $5,304.