Question

Victoria borrowed $500 for college textbooks. The interest rate was 6%. She plans to pay back her loan in 6 months. How much will she pay in interest? What will the total amount be that she pays back.

Answer 1

Answer:

The interest will be $30, the total amount she pays will be $530.

Step-by-step explanation:

500 x 0.06

30 = the interest rate cost

500 + 30 = $530

$530 is the total amount Victoria needs to pay, and the interest rate cost is $30.