Question

michael borrowed $ 700 from his father. He promise to pay back the $700 with interesd in 9 moths. If michael pays his father 6% simple interest how much does he owe at the end of 9 moths?

Answer 1

I = P * r * t

I = 700 * 0.06 * 0.75

I = ?

Answer 2

Interest = principal times rate times time.

Simple interest multiple all together 31.5.