Solve for y.
-Hannah borrowed $52,084 at 5% simple interest for 18 months. How much will the interest amount to? What is the total amount that she will have to pay back at the end of 18 months? Round answers
To the nearest cent if necessary.
A) $3939.13; $56,023.13
B) $3906.30; $55,990.30
C) $3689.28; $55,773.28
D) $4123.32; $56,207.32

Question

Quizplus · Accepted Answer

The simple interest is calculated using the formula I = PRT, where P is the principal ($52,084), R is the rate (5% or 0.05), and T is the time in years (18 months = 1.5 years). The interest is $3,906.30, and the total amount to be paid back is $52,084 + $3,906.30 = $55,990.30.

Solve for Y. -Hannah Borrowed $52,084 at 5% Simple Interest for 18 Months