Solve for y.
-Levi borrowed $5007 at 6% simple interest for 5 months. How much will the interest amount to? What is the total amount that Levi will have to pay back at the end of 5 months? Round answers to
The nearest cent if necessary.
A) $126.23; $5133.23
B) $125.18; $5132.18
C) $150.21; $5157.21
D) $100.14; $5107.14

Question

Quizplus · Accepted Answer

The simple interest is calculated as Principal x Rate x Time. Here, $5007 x 0.06 x (5/12) = $125.18. The total amount to pay back is the principal plus interest: $5007 + $125.18 = $5132.18.

Solve for Y. -Levi Borrowed $5007 at 6% Simple Interest for 5 Months