Question

1. simple interest: jordan borrowed $800 at 6% simple interest for 2 years. how much total money will jordan pay back?

Explanation:

Step 1: Recall the simple interest formula

The formula for simple interest \( I \) is \( I = P \times r \times t \), where \( P \) is the principal amount, \( r \) is the annual interest rate (in decimal form), and \( t \) is the time in years. The total amount \( A \) to be paid back is the sum of the principal and the interest, so \( A = P + I \).

Step 2: Identify the values

Here, \( P = \$800 \), \( r = 6\% = 0.06 \) (converted to decimal), and \( t = 2 \) years.

Step 3: Calculate the simple interest

Using the formula \( I = P \times r \times t \), substitute the values:
\( I = 800 \times 0.06 \times 2 \)
First, calculate \( 800 \times 0.06 = 48 \). Then, \( 48 \times 2 = 96 \). So, the interest \( I = \$96 \).

Step 4: Calculate the total amount

Now, find the total amount \( A \) by adding the principal and the interest:
\( A = P + I = 800 + 96 = 896 \).

Answer:

Jordan will pay back a total of \(\$896\).