Sal borrowed $2,000 for six months at 11.5% simple interest. What was
the total amount he had to repay?
2,000 * 0.115 = 230
230/2 = 115
2,000 + 115 = ?
2115
To find the total amount Sal had to repay, we first need to calculate the interest he owes for borrowing $2,000 for six months at 11.5% simple interest.
Step 1: Calculate the interest amount.
Interest = Principal x Rate x Time
= $2,000 x 0.115 x (6/12)
= $2,000 x 0.115 x 0.5
= $115
Step 2: Add the interest to the principal to find the total amount Sal had to repay.
Total amount = Principal + Interest
= $2,000 + $115
= $2,115
Therefore, Sal had to repay a total amount of $2,115.
To find the total amount Sal had to repay, we need to calculate the interest he will need to pay on the borrowed amount and add it to the principal amount.
First, let's calculate the interest. The formula for simple interest is:
Interest = Principal × Rate × Time
In this case, the principal amount (the amount borrowed) is $2,000, the rate is 11.5% (or 0.115 as a decimal), and the time is 6 months.
Interest = $2,000 × 0.115 × 6/12
Interest = $1,150
So, Sal will have to pay $1,150 in interest.
Now, let's calculate the total amount Sal has to repay, which includes both the principal and the interest:
Total amount = Principal + Interest
Total amount = $2,000 + $1,150
Total amount = $3,150
Therefore, the total amount Sal has to repay is $3,150.