Timed TestThis when the time expires must be completed in one sifting Do not lea

Question

Timed TestThis when the time expires must be completed in one sifting Do not leave the test before clicking Save and Submit This test does not allow backtracking Changes to the answer after are prohibited Remaining Time: 1 hour, 52 minutes, 10 seconds. Question Completion Status Moving to the next question prevents changes to this answer 3 of Question 3 You borrow $500 from a family member and agree to pay it back in six months. Because you are part of the famiy, you are only being charged simple interest at the rate of 13% per month. How much (Principal + interest) will you owe after six months? Question 3 of 10 Moving to the next question prevents changes tothis answer O Type here to search F9 F10 F5 F6 0 8

Explanation / Answer

Simple interest = PTR/100

Principal = 500

Time = 6 months

R = 13% / month

Simple interest = (500*13*6)/100

SI = 390

Amount to be repayed after 6 months = 500+390 = 890$

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