SOLUTION: Hannah borrowed $51,224 at 6% simple interest for 16 months. How much will the interest amount to? What is the total amount that she will have to pay back at the end of 16 months?

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Question 941083: Hannah borrowed $51,224 at 6% simple interest for 16 months. How much will the interest amount to? What is the total amount that she will have to pay back at the end of 16 months? Round answers to the nearest cent if necessary.

Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
16 months is 1 1/3 years
I = Prt
6% = 6/100 = .06
I = $51,224(.06)(4/3) = $51,224(.08)= $4,097.92
...
Estimating our answer(Using 10%): $51,224(.10) = $5122.40