Miguel rodriguez borrowed $500 from his brother julio to pay for books and tuition. he agreed to pay back in 6 months with simple interest at 6.2. how much will the interest amount to? what amount must miguel pay julio at the end of 6 months?

Interest amount to $15.5.

Miguel must pay $515.5 Julio at the end of 6 months.

Step-by-step explanation:

Given :Miguel Rodriguez borrowed $500.

           He agreed to pay back in 6 months with simple interest at 6.2.  

To Find :How much will the interest amount to? What amount must Miguel pay Julio at the end of 6 months?

Solution:

Principal (P)= $500

Rate of interest(R)= 6.2%

Time= 6 months = 0.5 years

Formula :

So,the interest amount to $15.5

Amount = Principal +Interest

Amount = $500+$15.5

Amount = $515.5

So, Miguel must pay $515.5 Julio at the end of 6 months.

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step-by-step explanation: