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Miguel Rodriguez borrow 200 from his brother Julio to pay for books and tuition . He agreed to pay Julio 6!months with simple annual interest at 6.2% A)how much with the interest amount to ? B) what amount must Miguel pay Julio at the end of 6 months ?

Respuesta :

shinmin

To answer the problem, you must the formula in finding the interest and after that we will add it to the principal to get the future value.

The formula is: I = Prt

Interest = Principal x rate x time

= 200 x 0.062 x 6/12

= $6.2 is the interest for 6 six months.

 

Future Value = Principal + Interest

FV = 200 + 6.20

FV = $206.20 is the amount to be paid at the end of 6 months.

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