Math Problem Statement
Miguel Rodriguez borrowed
$500
from his brother Julio to pay for books and tuition. He agreed to pay Julio in 6 months with simple annual interest at
6.6%.
a) How much will the interest amount to?
b) What amount must Miguel pay Julio at the end of 6 months?
Solution
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Math Problem Analysis
Mathematical Concepts
Simple Interest
Percentages
Time Conversion
Formulas
I = P × r × t
Total Amount = P + I
Theorems
-
Suitable Grade Level
Grades 9-10
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