a man took out a $43,000 construction loan to remodel a house. the loan rate is 8.3% simple interest per…

Explanation:

Step1: Identify the simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the given values to the appropriate form

The principal amount $P=$43000$, the annual interest rate $r = 8.3%=0.083$, and the time $t=\frac{6}{12}=0.5$ years.

Step3: Calculate the interest

Substitute the values into the formula: $I = Prt=43000\times0.083\times0.5$. $I = 43000\times0.0415=$1784.5$.

Step4: Calculate the total amount paid back

The total amount $A$ paid back is the sum of the principal and the interest, $A=P + I$. $A=43000 + 1784.5=$44784.5$.

Answer:

$44784.5$