SOLUTION: Sarah loans Kim $500 and charges her 2% simple annual interest. Kim
promises to repay Sarah in 1.17 years (14 months). About how much will
Kim have to pay Sarah? Round your answe
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Question 1177576: Sarah loans Kim $500 and charges her 2% simple annual interest. Kim
promises to repay Sarah in 1.17 years (14 months). About how much will
Kim have to pay Sarah? Round your answer to the nearest cent.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Principal P= 500
Simple interest = =2% =0.02
time in years = 7/6 years
Interest = 500 * 0.02*7/6 11.67
He has to return $511.67
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