Kristen wants to buy a Persian cat. She takes out a loan for $500 for one year. The bank charges her an annual simple interest rate of 8%.

a. How much will she have to pay back at the end of the 1 year?

b. How much interest does she have to pay?

a. How much will she have to pay back at the end of the 1 year?

$540

b. How much interest does she have to pay?

$40

Step-by-step explanation:

Simple interest for any amount p is given by

SI = p*r*t/100

where r is the annual rate rate of interest

t is the time

Given

p= $500 (loan taken)

r = 8%

t = 1 year

SI = 500*8*1/100 = 40

Thus, $40 is the interest charged in a year.

Total money paid at the end of one year = loan taken  + interest charged

                                                                    = $500 + $40

                                                                    = $540

a. How much will she have to pay back at the end of the 1 year?

$540

b. How much interest does she have to pay?

$40

      2

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