Basic College Mathematics (9th Edition)

Published by Pearson
ISBN 10: 0321825535
ISBN 13: 978-0-32182-553-7

Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises: 41



Work Step by Step

We know that Yohko borrowed $\$4650$ at 5% for 5 months. We find the amount of interest due: $I=Prt$ $I=4650*0.05*\frac{5}{12}$ $I=\$96.875\approx \$96.88$ The total amount due includes the amount borrowed (the principal, $\$4650$) and the interest we just calculated: $\$4650+\$96.88=\$4746.88$
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