p.s.hey peaches i need some help with these here problems for my sister i need to help her get a check her answers so if someone could give me a quick answer key that would be grate with some explanations
Ian borrows $3580 at 31% simple interest per year. When Ian pays the loan back 7 years later, how much interest does Ian pay?
Zach borrows $1910 at 2.6% simple interest per month. When Zach pays the loan back 3 years later, how much interest does Zach pay?
Craig borrows $1000 at 9% simple interest per year. When Craig pays the loan back 11 years later, what is the total amount that Craig ends up repaying?
Larry borrows $1300 at 5% simple interest per month. When
Larry pays the loan back 3 years later, what is the total amount that Larry ends up repaying?
Fred borrows $40 at 0.8% simple interest per month. When Fred pays the loan back 2 years later, how much interest does
simple interest = principle * rate * time
yes i know what are the answers she gets home in a few minutes
hey what are you doing on here
i don't know you stop trying to scam people she is sitting at the table with me we are currently working on reading a book we need to move on but neither of us know the answers so i'm asking for help with the answers
To solve these problems, we need to use the formula for simple interest:
Simple Interest = Principal * Rate * Time
Let's go through each problem step by step:
1. Ian borrows $3580 at 31% simple interest per year. When Ian pays the loan back 7 years later, how much interest does Ian pay?
To find the interest, we can use the simple interest formula. Plug in the values:
Principal = $3580
Rate = 31% = 0.31
Time = 7 years
So the equation becomes:
Interest = $3580 * 0.31 * 7
Calculate this to find the interest amount.
2. Zach borrows $1910 at 2.6% simple interest per month. When Zach pays the loan back 3 years later, how much interest does Zach pay?
In this case, we need to convert the interest rate from monthly to yearly. Since there are 12 months in a year, multiply the monthly rate by 12:
Monthly Rate = 2.6%
Yearly Rate = 2.6% * 12 = 31.2%
Now use the simple interest formula:
Principal = $1910
Rate = 31.2% = 0.312
Time = 3 years
Interest = $1910 * 0.312 * 3
Calculate the interest amount accordingly.
3. Craig borrows $1000 at 9% simple interest per year. When Craig pays the loan back 11 years later, what is the total amount that Craig ends up repaying?
This problem requires finding the total amount repaid, which includes the original amount borrowed plus the interest. Start with the simple interest formula to find the interest:
Principal = $1000
Rate = 9% = 0.09
Time = 11 years
Interest = $1000 * 0.09 * 11
Once you have the interest, add it to the original principal amount to get the total repayment amount.
4. Larry borrows $1300 at 5% simple interest per month. When Larry pays the loan back 3 years later, what is the total amount that Larry ends up repaying?
Similar to the previous problem, we need to convert the monthly rate to a yearly rate:
Monthly Rate = 5%
Yearly Rate = 5% * 12 = 60%
Now use the simple interest formula:
Principal = $1300
Rate = 60% = 0.6
Time = 3 years
Calculate the interest, and then add it to the principal to get the total repayment amount.
5. Fred borrows $40 at 0.8% simple interest per month. When Fred pays the loan back 2 years later, how much interest does Fred pay?
Again, convert the monthly rate to a yearly rate:
Monthly Rate = 0.8%
Yearly Rate = 0.8% * 12 = 9.6%
Now use the simple interest formula:
Principal = $40
Rate = 9.6% = 0.096
Time = 2 years
Calculate the interest amount accordingly.
By following these steps and plugging in the given values, you can find the answers to these questions while also understanding the process behind it.