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

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Suitable Grade Level

Grades 9-10