beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to…

beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase. the bank said that she could get a simple interest rate of 8% for 5 years. what is the total amount that beyonce will pay for the chair? $2600 $910 $9100 $260

beyonce went to the mall and saw a massage chair that she would have to take a loan out for $6500 to purchase. the bank said that she could get a simple interest rate of 8% for 5 years. what is the total amount that beyonce will pay for the chair? $2600 $910 $9100 $260

Answer

Explanation:

Step1: Recall simple interest formula

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

Step2: Convert the interest rate to decimal

The interest rate is 8%, so in decimal form, $r = \frac{8}{100} = 0.08$.

Step3: Calculate the simple interest

Given $P = 6500$, $r = 0.08$, and $t = 5$. Substitute these values into the simple interest formula: $$I = 6500 \times 0.08 \times 5$$ First, calculate $6500 \times 0.08 = 520$. Then, $520 \times 5 = 2600$. So the interest $I = 2600$.

Step4: Calculate the total amount

The total amount $A$ is the principal plus the interest: $$A = 6500 + 2600 = 9100$$

Answer:

$9100$ (corresponding to the orange option with $9100$)