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23 May, 04:16

Dan borrowed $865.00 from his brother who is charging him 8% simple interest. If Dan pays his brother back in 6 months, how much does he have to pay back including the interest?

a) 415.20

b) 34.60

c) 1,280,20

d) 899.60

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Answers (1)
  1. 23 May, 05:17
    0
    First, converting R percent to r a decimal

    r = R/100 = 8%/100 = 0.08 per year.

    Putting time into years for simplicity,

    6 months / 12 months/year = 0.5 years.

    Solving our equation:

    A = 865 (1 + (0.08 * 0.5)) = 899.6

    A = $899.60

    The total amount accrued, principal plus interest, from simple interest on a principal of $865.00 at a rate of 8% per year for 0.5 years (6 months) is $899.60.
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