Yoshua borrowed $8,000 from his credit union over 9 months. He pays a simple interest of
9%. What is the total amount of money he will owe the bank?


Sagot :

Answer:

[tex]\boxed{\blue{\sf He\ will \ owe \ \$ 8540 .}}[/tex]

Step-by-step explanation:

According to Question , Yoshua borrowed $8,000 from his credit union over 9 months. He pays a simple interest of 9%. And we are required to find the total amount of money he will owe the bank .

So , we know the formula of Simple Interest as ,

[tex]\qquad\boxed{\red{\bf SI =\dfrac{P\times R\times T}{100}}}[/tex]

As ,per the data in Question ,

  • Amount = $ 8,000
  • Time = 9 months
  • Rate of Interst = 9% .

[tex]\implies SI = =\dfrac{P\times R\times T}{100} \\\\\implies SI =\dfrac{\$ 8000 \times \dfrac{9}{12}\times 9 }{100} \\\\\implies SI = \dfrac{\$ 8000 \times 9 \times 9 }{12\times 100 }\\\\\boxed{\pink{\bf \implies Simple\: Interst = \$ 540 }}[/tex]

Hence the Simple Interest is $ 540.

And , we know that Amount is ,

[tex]\qquad\boxed{\red{\bf Amount = SI + Principal}}[/tex]

[tex]\implies Amount = Principal + SI \\\\ \implies Amount = \$ 8000 + \$ 540 \\\\\boxed{\orange{\bf \implies Amount= \$ 8540 }}[/tex]

Hence he will owe $ 85400.