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aliya0001 [1]
2 years ago
13

QUESTION 2 of 10: New shoes are on SALE. You find a pair you like for $85 dollars. But you only have $45 with you. So, you pay $

40 and charge the balance. At 8% interest, what will the balance owed be in six months? (Assume no payments made and simple interest.)
Computers and Technology
1 answer:
wariber [46]2 years ago
6 0

Answer:

The balance amount owned in six months is $ 46.8

Explanation:

Given as :

The price of new shoes = $85

The amount paid for the shoes  = $ 40

The balance amount for the shoes = $85 - $40 = $ 45

The rate of interest = 8%  

the time period = 6 months = 0.5 years

<u>From simple method</u>

Simple interest = (\frac{\textrm principal\times \textrm rate \times \textrm time}{100})

or, Simple interest = (\frac{\textrm 45\times \textrm 8 \times \textrm 0.5}{100})

Or, Simple interest = \frac{180}{100} = $1.8

So, Amount = Principal + Interest

or, Amount = $45 + $1.8 = $ 46.8

Hence The balance amount owned in six months is $ 46.8   Answer

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