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5 April, 08:35

sophia borrowed $12,109 at 4.5% simple interest for 6 months. How much will the interest amount to? What is the total amount that she will have to pay back at the end of 6 months?

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  1. 5 April, 08:53
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    The applicable formula is

    I = Prt

    where P = the principal value (12109), r is the interest rate (0.045), and t is the time period in years (1/2)

    a) Substituting the given values, the interest amount is computed as

    I = ($12,109) (.0.45) (1/2)

    I = $272.45

    b) The amount Sophia will have to pay back is the sum of the principal amount and the interest owed.

    $12,109 + 272.45 = $12,381.45
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