Question

HELLP NOW I NEED ANSWER AND WORK/EXPLANATION!(Emily’s car broke down the weekend before she started a new job. She borrowed $880 from her parents, at an annual interest rate of 3%, to quickly pay for the car repairs. If Emily paid her parents a total of $893.20 in six months, how much simple interest did she pay?

Answer 1

13.20 or 1.5%.

Explanation:

Since Emily borrowed 880, you need to subtract 893.20 from 880. That equals 13.20. The percentage of interest is 1.5 because 6 months is half of a year and the annual interest rate is 3 percent.