https://file.aiquickdraw.com/mathbot/file/17273787141567n3n0dc8.jpg

The scenario in the image states that Marcie took out a loan of $2,482 with a simple interest rate of 3.5% per year, and no payments will be made until the end of one year. Let's work through both of the questions provided.

### 1. **How much will Marcie owe after one year?**
To calculate how much Marcie will owe, we first need to determine the interest accrued over the year. The formula for simple interest is:

\[
I = P \times r \times t
\]

Where:
- $ P = 2,482 $ (the principal loan amount),
- $ r = 3.5\% = 0.035 $ (the interest rate),
- $ t = 1 $ year (time in years).

Now, let’s calculate the interest:

\[
I = 2,482 \times 0.035 \times 1 = 86.87
\]

So, the interest accrued after one year is **$86.87**. The total amount owed is the sum of the principal and the interest:

\[
\text{Total owed} = 2,482 + 86.87 = 2,568.87
\]

The answer to the first question is **$2,568.87**.

### 2. **How much interest was accrued after one year?**
The interest accrued after one year was calculated as:

\[
I = 86.87
\]

Thus, the answer to the second question is **$86.87**.

---

Do you want more details or have any questions about this? Here are some related questions to explore:

1. How does the simple interest formula change if the interest rate is compounded annually?
2. What would the total amount owed be if Marcie paid off half of the loan after six months?
3. How would the interest change if the loan had been taken for two years instead of one?
4. What happens to the total interest if the loan's interest rate was increased to 5%?
5. If Marcie makes a payment of $500 at the end of the first year, how much would she owe afterward?

**Tip:** The interest in a simple interest loan does not compound, meaning you only calculate it based on the initial principal amount.

Marcie took out a loan for $2,482. The loan has a simple interest rate of 3.5% per year. No payments will be made on the loan until the end of one year. How much will Marcie owe after one year? How much interest was accrued after one year?

Learn how to calculate the simple interest for a loan of $2,482 at a 3.5% interest rate. This problem demonstrates how to find the interest accrued over one year and determine the total amount owed. Ideal for students in Grades 9-12.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation