Norman borrowed $3,500 for 8 months at 15 %p.a. simple interest. Calculate the total amount Norman must repay at the end of the term of the loan. 

To calculate the total amount Norman must repay, we need to first compute the simple interest, then add it to the principal amount.

The formula for simple interest is:

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

Where:
- $ I $ is the interest,
- $ P $ is the principal (the amount borrowed),
- $ r $ is the annual interest rate (as a decimal),
- $ t $ is the time in years.

### Step 1: Calculate the interest
Given:
- $ P = 3,500 $,
- $ r = 15\% = 0.15 $,
- $ t = \frac{8}{12} = \frac{2}{3} $ years (since 8 months is $\frac{2}{3}$ of a year).

Now substitute these values into the formula:

\[
I = 3500 \times 0.15 \times \frac{2}{3}
\]

Let's calculate the interest:

\[
I = 3500 \times 0.1 = 3500 \times 0.15 \times \]
\ 
INTEREST

Norman borrowed $3,500 for 8 months at 15% p.a. simple interest. Calculate the total amount Norman must repay at the end of the term of the loan.

Learn how to calculate the total amount Norman must repay after borrowing $3,500 for 8 months at a 15% annual simple interest rate. This problem involves simple interest calculations and time conversion, suitable for students in Grades 6-8.

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