SOLUTION: A man took out a $46,000 construction loan to remodel a house. The loan rate is 8.5% simple interest per year to be repaid in six months. How much is paid back?

Question 1135818: A man took out a $46,000 construction loan to remodel a house. The loan rate is 8.5% simple interest per year to be repaid in six months. How much is paid back?
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

I = prt

i (interest) = p (principal) * r (annual rate) * t (number of years)

Do that calculation. Then the amount to be paid back is the principal ($46,000) plus the interest.
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SOLUTION: A man took out a ​$46,000 construction loan to remodel a house. The loan rate is 8.5​% simple interest per year to be repaid in six months. How much is paid​ back?

SOLUTION: A man took out a $46,000 construction loan to remodel a house. The loan rate is 8.5% simple interest per year to be repaid in six months. How much is paid back?