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.
1.  
How much will Marcie owe after one year?
A.$868.70
B.$68.87
C.$868.7
D.$2,568.87

2.  
How much interest was accrued after one year?
A.$868.70
B.$86.87
C.$2,568.87
D.$68.87


To solve these questions, we can use the formula for simple interest:

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

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

### 1. How much will Marcie owe after one year?
- Principal ($ P $) = $2,482
- Interest rate ($ r $) = 3.5% = 0.035 (as a decimal)
- Time ($ t $) = 1 year

First, calculate the interest:
\[
I = 2,482 \times 0.035 \times 1 = 86.87
\]

Now, add this interest to the principal to find the total amount owed:
\[
\text{Total amount owed} = P + I = 2,482 + 86.87 = 2,568.87
\]

So the correct answer is **D. $2,568.87**.

### 2. How much interest was accrued after one year?
From the calculation above, the interest accrued is:
\[
I = 86.87
\]

So the correct answer is **B. $86.87**.

---

Would you like more details or explanations on any part? Here are five related questions for further exploration:

1. What would the total be if the loan had a 5% interest rate instead?
2. How would the interest change if Marcie paid off half of the loan after six months?
3. What would happen if the loan period was extended to 2 years under the same rate?
4. How does simple interest differ from compound interest in loan calculations?
5. What is the formula to calculate the interest if payments are made monthly?

**Tip:** Simple interest only applies to the original principal, so the interest does not compound or grow over time unless payments are made.

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.
1. How much will Marcie owe after one year?
A. $868.70
B. $68.87
C. $868.7
D. $2,568.87
2. How much interest was accrued after one year?
A. $868.70
B. $86.87
C. $2,568.87
D. $68.87

Learn how to calculate simple interest on a loan of $2,482 with a 3.5% interest rate for one year. This problem explores key concepts like simple interest and basic algebra, with step-by-step solutions. Suitable for Grades 6-8.

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