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9 February, 12:04

alicia borrows $800 from the bank for 5 years at 7% sinple interest. at the end of the loan, how much will she owe the bank?

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  1. 9 February, 12:30
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    total=principle+intereest

    I=PRT

    I=interest

    P=principal

    R=rate in decimal

    T=time in years

    in our case

    P=800

    R=7%=0.07

    T=5

    find I

    I=PRT

    I = (800) (0.07) (5)

    I=280

    total she owes is 800+280=$1080
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