Question

Mindy has been waiting for a particular computer to go on sale, and she has already saved $275. After sales tax, the price of the computer is $740.94. Mindy borrows the remaining amount from her older sister at a simple interest rate of 4% per year and agrees to pay the entire loan back all at once at the end of 1.5 years.

How much will Mindy have to pay her sister for the loan, including interest?

Answer 1

How much did she borrow from her sister?

Answer 2

would love to help you if you would just answer me.

Answer 3

465.94

Answer 4

Find the interest by using the formula I = Prt

Answer 5

P is the amount she borrowed. $465.94
r is the interest rate which is 4% or .04
t is the time which is 1.5
I=465.94(.04)(1.5)
How much interest does she have to pay her sister?

Answer 6

.4 a year

Answer 7

Interest=465.94(.04)(1.5)

Answer 8

How much interest does she have to pay her sister? Did you read my previous post?

Answer 9

27.9564

Answer 10

Since this is money, that would be 27.96.
So how much did she borrow from her sister? I forget.

Answer 11

465.94

Answer 12

So she has to pay that all back. Plus she has to pay the interest. So how much does she have to pay her sister at the end of 1.5 years in order to pay off the loan?

Answer 13

493.5?

Answer 14

I got 493.90

Answer 15

465.94+27.96