SOLUTION: Bobby Smith borrowed $6500 for a new car. He will pay it off in 8 months at an annual simple interest rate of 6.5%. How much interest will he pay back?

SOLUTION: Bobby Smith borrowed $6500 for a new car. He will pay it off in 8 months at an annual simple interest rate of 6.5%. How much interest will he pay back?

Algebra.Com

Question 1162305: Bobby Smith borrowed $6500 for a new car. He will pay it off in 8 months at an annual simple interest rate of 6.5%. How much interest will he pay back?
Answer by ikleyn(52908) (Show Source): You can put this solution on YOUR website!
.


The interest to pay is  6500*0.065* = 281.67 dollars.


Here    represent  8 months.

Solved.

RELATED QUESTIONS
Bobby Smith borrowed $6500 for a new car. He will pay it off in 8 months at an annual... (answered by addingup)

Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off... (answered by josmiceli)

To buy furniture for a new apartment,Darryl Nartin borrowed $5000 at 4.75% simple... (answered by fractalier)

Do appreciate your assistance for me to understand Q1. A company is selling product... (answered by dafi79)

Miko borrowed $ 25,000 at 10% annual simple interest rate. How much should he pay after 3 (answered by ikleyn)

how long will it take for $6500 to double at a simple interest rate of... (answered by pie90010)

1.Marina had an accident with her car and the repair bill came to $800. She didn�t have... (answered by ikleyn)

Solve the problem below: a) How much interest is charged when 50,000 pesos is... (answered by Alan3354)

If a man borrowed $500 from a pawnshop for 2 months and then had to pay back $560, what... (answered by richwmiller)