SOLUTION: Please help Ben owes 500 due in eight months. For each of the following cases, what single payment will repay his debt if simple interest rate is 15% p.a. 1.1. Now 1.2. Six mo

Question 1193639: Please help
Ben owes 500 due in eight months. For each of the following cases, what single payment will repay his debt if simple interest rate is 15% p.a.
1.1. Now
1.2. Six months from now
1.3. in one year
Thank you very much for assisting
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Now ought to be 500, but sometimes banks will add a certain amount if paid back right away. Mathematically, it is 500.
6 months from now is a half year, so the interest=prt=500*0.15*0.5=37.5 and the payment is 537.5
1 year the interest is 75 and the payment is 575

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