Miguel Rodriguez borrowed $300 from his brother Julio to pay for books and tuition. He agreed to pay Julio in 6 months with simple annual interest at 6.5%.

Simple Interest = 9.75

Total Amount needed to payback = 309.75

Step-by-step explanation:

SI = P x R x T / 100

SI = Simple Interest

P = Principal

R = Rate in years

T = Time

SI = 300 x 1/2 x 6.5 /100

=> SI = 3 x 1/2 x 6.5

=> 1.5 x 6.5

=> 9.75

Total Amount needed to payback = Principal + Simple Interest

=> Total Amount needed to payback = 300 + 9.75

=> Total Amount needed to payback = 309.75