MATHEMATICS MIDDLE SCHOOL

You borrow $500 from your parents to buy a new computer your parents charge you 3% simple interest and give you two years to repay the money. A)how much interest do you pay on the loan. B)what is a total amount of money you owe your parentsHelp please!!

Answers

Answer 1
Answer:

The interest to be paid on the loan is $30 and the total amount owed the parents is $530.

What is the simple interest?

The simple interest on the money borrowed is calculated using the formula below:

Simple \: interest = (principal × rate × time)/(100)

The simple interest on the money after 2 years is:

Simple interest = $500 × 3 × 2/100

Simple interest = $30

Amount of money owed the parents = $500 + $30 = $530.

Therefore, the interest to be paid on the loan is $30 and the total amount owed the parents is $530.

Learn more about simple interest at: brainly.com/question/25793394

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Answer 2
Answer: a) I = (500)(0.03)(2) = $30
b) 500 + 30 = $530

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