2) Ruth borrows $440 at 0.6% simple interest per month. When Ruth pays the loan back 4 years later, how much interest does Ruth pay?
p=13112
Rate=0.6
Time=48 months
interest=440
i = Prt = 440 * 0.006 * 48 = 126.72
P = principal -- the amount borrowed
since 1% = 0.01, 0.6% = 0.006
where did you get the 13112?
Ruth has to pay P + i = 440 + 126.72 = 526.72
i got it when i adden the times all and the money oude
To find the total amount of interest paid by Ruth, we can use the simple interest formula:
Interest = Principal * Rate * Time
Given:
Principal (P) = $440
Rate (R) = 0.6% per month (0.006 as a decimal)
Time (T) = 4 years converted to months = 48 months
Substituting the values into the formula:
Interest = 440 * 0.006 * 48
Calculating this expression:
Interest = $126.72
Therefore, Ruth pays $126.72 in interest.
To find the amount of interest Ruth paid on her loan, we need to use the simple interest formula:
Interest = Principal x Rate x Time
Let's plug in the given values:
Principal (P) = $440
Rate = 0.6% = 0.006 (decimal form)
Time (in months) = 4 years x 12 months/year = 48 months
Now, we can calculate the interest:
Interest = $440 x 0.006 x 48
= $12.64
Therefore, Ruth paid $12.64 in interest on her loan.