marsha waide borrows $6,500 and agrees to pay it back in 2 years. if the simple interest rate is 15%, find…

marsha waide borrows $6,500 and agrees to pay it back in 2 years. if the simple interest rate is 15%, find the total amount she pays back. she pays $ back. (round to the nearest dollar as needed.)

marsha waide borrows $6,500 and agrees to pay it back in 2 years. if the simple interest rate is 15%, find the total amount she pays back. she pays $ back. (round to the nearest dollar as needed.)

Answer

Explanation:

Step1: Calculate simple - interest

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the interest rate, and $t$ is the time in years. Here, $P=$6500$, $r = 0.15$ (since $15%=0.15$), and $t = 2$ years. So, $I=6500\times0.15\times2$. $I = 6500\times0.3=$1950$.

Step2: Calculate total amount

The total amount $A$ she pays back is the sum of the principal $P$ and the interest $I$. So, $A=P + I$. $A=6500 + 1950=$8450$.

Answer:

8450