SOLUTION: Your brother borrows $1,200 from you. Since he’s family, you allow him to pay simple interest at 5%. After 6 years, how much does he owe you?

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Question 729250: Your brother borrows $1,200 from you. Since he’s family, you allow him to pay simple interest at 5%. After 6 years, how much does he owe you?
Answer by ella13(7) About Me  (Show Source):
You can put this solution on YOUR website!
use the formula I=Prt
P= money you borrow(principle)1200
r= percent 5%=0.05
t=time= 6 yrs.
remember to change % to decimal= 5% divided by 100= 0.05
I=1200*0.05*6
I=360$interest
at the end add them together to get the solution
1200+360=1560