Respuesta :
Answer:
Formula for calculating Amount is given by;
[tex]\text{Amount} = P(1+rt)[/tex]
where
P represents the sum of amount borrowed
r represents the annual interest in decimal
t represents the time.
Use conversion:
1 year = 12 months.
As per the statement:
Miguel Rodriguez borrowed $100 from his brother Julio to pay for books and tuition. He agreed to pay Julio in 6 months with simple annual interest at 6.3%.
Sum of the amount Miguel Borrowed from his brother (P) = $100.
Time(t) = 6 months = 0.5 years
Annual rate of interest(r) = 6.3% = 0.063.
then substitute these values in the given formula to find the amount.
[tex]\text{Amount} = 100(1+0.063 \cdot 0.5)[/tex]
[tex]\text{Amount} = 100(1+0.0315)[/tex]
[tex]\text{Amount} = 100(1.0315)[/tex]
Simplify:
[tex]\text{Amount} = \$103.15[/tex]
Therefore, the amount Miguel Rodriguez paid to his brother after 6 months will be, $103.15
