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Malik borrowed $8,000 to buy a new boat. He will pay off the loan after 4 years by paying back the principal plus 6.5% simple interest. How much will Malik pay back altogether?
A. $520 B. $2,080 C. $8,000 D. $10,080

Respuesta :

isobellemoxon
the answer is D - 10, 080
JeanaShupp

Answer:  D. $10,080

Step-by-step explanation:

The formula to find  the simple interest is given by :-

[tex]S.I.=Prt[/tex], where P is principal amount , r is rate of interest ( in decimal ) and t is time period.

Given : Principal amount = $8,000

The rate of interest = 6.5% = 0.065

Time period= 4 years

Then , the simple interest will be :-

[tex]S.I.=8000\times0.065\times4=2080[/tex]

Hence, the amount which Malik pay back altogether = [tex]P+S.I.=8000+2080=\$10,080[/tex]

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