Respuesta :
Answer:
In one month we have to pay an interest of $0.5.
Step-by-step explanation:
We are given that you borrow $60.00 at 10% interest and we have to find how much we have to pay in one month.
Let the Principal sum of money = P = $60
the rate of interest = R = 10%
Time period = T = [tex]\frac{1}{12}[/tex]
Assuming the interest is simple interest, so the formula for simple interest is given by;
Amount = Principal + Simple interest
A = P + ( [tex]\frac{\text{P}\times \text{R}\times \text{T}}{100}[/tex] )
A = [tex]60 + \frac{60 \times 10 \times 1}{100 \times 12}[/tex]
A = 60 + 0.5 = $60.5
So, in one month we have to pay an interest of $0.5.
