Solve for y.
-Sophia borrowed $13,671 at 6% simple interest for 3 months. How much will the interest amount to? What is the total amount that she will have to pay back at the end of 3 months? Round answers to the nearest cent if
Necessary.
A) $136.71; $13,807.71
B) $206.79; $13,877.79
C) $205.07; $13,876.07
D) $273.42; $13,944.42

Question

Quizplus · Accepted Answer

The interest can be calculated using the formula I = PRT, where P is the principal amount ($13,671), R is the annual interest rate (6% or 0.06), and T is the time in years (3/12 or 0.25 years). Thus, I = $13,671 * 0.06 * 0.25 = $205.065, which rounds to $205.07. The total amount to be paid back is the principal plus interest, which is $13,671 + $205.07 = $13,876.07.

Solve for Y. -Sophia Borrowed $13,671 at 6% Simple Interest for 3 Months