Question

Example 1:
Amanda took out a loan for $1,000 from a bank that charges an 8% simple interest rate. If she plans to repay the loan in 5.5 years, how much money, including interest, will she owe to the bank at this time?
Solution:
Substitute the known values from the problem into the simple interest formula.
https://media.studyisland.com/cgi-bin/mimetex.cgi?\begin{eqnarray}%20I%20&=&%20Prt\\%20\vspace*{9%20\hspace*{-10}}\\%20&=&%20%20(\$1,000)(0.08)(5.5)\\%20\vspace*{9%20\hspa

Amanda will need to pay back the $1,000 plus the $440 in interest. So, Amanda will owe the bank a total of $1,440.

Answer 1

I = PRT
= (1000)(0.08)(5.5)
=440

Answer 2

that is what the link was

Answer 3

I want to know how it got 440 as the answer, and how 1440 is the full answer, plz explain with steps or any other sort of fasion, I will give medal and fan to whom ever helps, and testimony!

Answer 4

I = P*r*t

I = total interest only
P = principal
r = interest rate as a decimal
t = time in years

I = P*r*t

I = 1000*0.08*5.5

I = 440

So the $440 is the total interest she has to pay back

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Total amount paid back = (principal) + (interest)

Total amount paid back = P + I

Total amount paid back = 1000 + 440

Total amount paid back = 1440