Solve the problem.
-Levi borrowed $\$ 5073$ at $4 \%$ simple interest for 5 months. How much will the interest amount to? What is the total amount that Levi will have to pay back at the end of 5 months? Round answers to the nearest cent if necessary.
A) $\$ 85.26 ; \$ 5158.26$
B) $\$ 84.55 ; \$ 5157.55$
C) $\$ 67.64 ; \$ 5140.64$
D) $\$ 101.46 ; \$ 5174.46$

Question

Quizplus · Accepted Answer

The simple interest is calculated as $ \text{Principal} \times \text{Rate} \times \text{Time} $. Here, $ 5073 \times 0.04 \times \frac{5}{12} = 84.55 $. The total amount to pay back is $ 5073 + 84.55 = 5157.55 $.

Solve the Problem $5073\$ 5073$5073 At 4%4 \%4% Simple Interest for 5 Months

Solve the Problem $\$ 5073$ At $4 \%$ Simple Interest for 5 Months