Jean borrowed $1300 to buy tools for her job as an auto mechanic. The loan is for 1 year 6 months at 9% simple interest. Find the amount she will pay back at the end of the loan period.
1300 * 1.5 * 1.09
P = Po + Po*r*t.
P = 1300 + 1300*0.09*1.5 =
To find the amount Jean will pay back at the end of the loan period, we need to calculate the interest and add it to the principal.
First, let's calculate the interest:
Principal (P) = $1300
Rate of interest (R) = 9% = 0.09
Time (T) = 1 year 6 months = 1.5 years
Interest (I) = P * R * T
Substituting the given values:
I = $1300 * 0.09 * 1.5
I = $175.5
Now, add the interest to the principal:
Total amount to be paid back = Principal + Interest
Total amount = $1300 + $175.5
Total amount = $1475.5
Therefore, Jean will pay back $1475.5 at the end of the loan period.