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?

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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) About Me  (Show Source):
You can put this solution on YOUR website!


I = prt

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

i+=+46000%2A.085%2A0.5

Do that calculation. Then the amount to be paid back is the principal ($46,000) plus the interest.