Margo borrows $1300, agreeing to pay it back with 5% annual interest after 8 months. How much interest will she pay? Round your answer to the nearest cent, if necessary. $

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section: Chapter Questions
Problem 430PT: Melinda deposited $5,985 in a bank account with an interest rate of 1.9%. How much interest was...
icon
Related questions
Question
Margo borrows $1300, agreeing to pay it back with 5% annual interest after 8 months.
How much interest will she pay?
Round your answer to the nearest cent, if necessary.
Transcribed Image Text:Margo borrows $1300, agreeing to pay it back with 5% annual interest after 8 months. How much interest will she pay? Round your answer to the nearest cent, if necessary.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Recommended textbooks for you
Elementary Algebra
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College