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2 July, 04:31

Miguel Rodriguez Borrowed $400 from his brother Julio to pay for books and tuition. He agreed to pay Julio in 6 months with simple annual interests at 6.8% How much will the interest amount to what amount must Miguel pay Julio at the end of 6 months

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  1. 2 July, 07:49
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    The simple interest is calculated as:

    S. I = P*T*R

    where S. I is the simple interest to be calculated

    P = Principal

    T = Time period in years

    R = Annual interest rate

    The the above problem,

    Amount borrowed which would be the principal (P) = $400

    Time period = 6 months = 1/2 year

    Annual interest rate = 6.8% = 6.8/100 = 0.068

    Simple Interest = P*T*R

    Simple Interest = 400*1/2*0.068 = 200 * 0.068

    Simple Interest = $13.6

    The simple interest amount that Miguel must pay to Julio at the end of six months is $13.6
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