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Determine how much you would recieve in return for a 8 month, $500 loan to a friend if you charged the 3% annual interest. Show your work.

Sagot :

Answer: See explanation

Step-by-step explanation:

We are going to solve this by using the Simple interest formula which is:

= Principal × Rate × Time

= 500 × 3% × 8/12

= 500 × 0.03 × 2/3

= 10

Therefore, the interest will be $10 ane the total amount that'll be paid back will be:= $500 + $10 = $510

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