Question

Marl borrowed $1000 at 6% simple interest for one year. If he makes no payments that year, how
much interest will he owe at the end of the year?
A) $60.00
B) $600.00
C) $1060.00
D) $1600.00

Answer 1

A)$60.00

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Answer 2

Answer:  A): $60.00

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Step-by-step explanation:

PRINCIPAL = $1000

RATE OF INTEREST = 6%

TIME = 1 YEAR

SIMPLE INTEREST =  P*R*T/100

                                 = 1000*6*1/100 = $60

HE MAKES NO PAYMENTS THAT YEAR

TOTAL INTEREST  HE WILL OWN AT THE END OF THE YEAR = $60

TOTAL AMOUNT HE WILL OWN AT THE END OF THE YEAR = $ (P + SI)

                                                                                                  = $ (1000+60)

                                                                                                   = $ 1060.00