Margo borrows $800 agreeing to pay it back with 5% annual interest after 16 months. how much interest will she pay?

$53.33

Step-by-step explanation:

We are asked to find the amount of interest paid by Margo.

We will use simple interest formula to solve our given problem.

, where,

I = Amount of interest,

P = Principal amount,

r = Interest rate in decimal form,

t = Time in years.

Let us convert our given rate in decimal form and time in years as:

Therefore, Margo paid $53.33 in interest.

answer: the first one

step-by-step explanation: use a calculator and divide the minutes by the dollars.