Question

Mrs. Harrison borrws $600 to pay for a new phone. The simple interest on the loan is 9% for one year

what is the total amount Mrs. Harrison will pay back

Answer 1

To calculate the total amount Mrs. Harrison will pay back on a loan with simple interest, you can use the formula for simple interest:

\[
\text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time}
\]

Where:
- Principal = $600
- Rate = 9% (or 0.09 as a decimal)
- Time = 1 year

Now, substitute the values into the formula:

\[
\text{Interest} = 600 \times 0.09 \times 1 = 54
\]

Next, add the interest to the principal to find the total amount to be paid back:

\[
\text{Total Amount} = \text{Principal} + \text{Interest} = 600 + 54 = 654
\]

Thus, the total amount Mrs. Harrison will pay back is **$654**.