if you borrow $900 for 8 years at an annual interest rate of 8%, what is the total amount of money you will…

Explanation:

Step1: Calculate the simple - interest

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. Given $P=$900$, $r = 0.08$ (since $8%=0.08$), and $t = 8$ years. $I=900\times0.08\times8$ $I = 900\times0.64$ $I = 576$

Step2: Calculate the total amount

The total amount $A$ to be paid back is the sum of the principal $P$ and the interest $I$. $A=P + I$ $A=900+576$ $A = 1476$

Answer:

$1476$