Question
Margo borrows 400.00 agreeing to pay it back with 6% annual interest after 10 months. How much interest will she pay
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Answer to a math question Margo borrows 400.00 agreeing to pay it back with 6% annual interest after 10 months. How much interest will she pay
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4.690 Answers
1. Convert the annual interest rate into a decimal:
r = 6\% = 0.06
2. Convert the time Margo will borrow the money into years:
t = \frac{10}{12} \text{ years}
3. Plug the values into the simple interest formula:
I = 400 \cdot 0.06 \cdot \frac{10}{12}
4. Calculate the interest:
I = 20
Therefore, Margo will pay $20 in interest.
2. Convert the time Margo will borrow the money into years:
3. Plug the values into the simple interest formula:
4. Calculate the interest:
Therefore, Margo will pay $20 in interest.
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