The student council borrowed $ 1 , 275 \$1,275 from a local sponsor to organize a school event. The sponsor charges 6.5 % 6.5\% simple interest per year. How much interest will the student council owe after a year?

this problem, a student council borrows $$12.75 dollars from a local sponsor to organize a school event. The sponsor charges it 6.5% simple interest per year, and we want to know how much interest the student council will owe after one year. So to solve this problem, we're going to need our simple interest formula, which is that the interest accrued is equal to the principal amount times the rate times the amount of time that has lapsed. So to use this formula, we're gonna plug in the values that we know and solve for what we don't know. So let's see what values here do we know. 1$$,275 is the amount borrowed. So this is our principal amount. Next, we also know that the sponsor charges 6.5% interest. So that's our interest rate. And lastly, we wanna know how much interest there is, which is what we're looking for, after one year, which is the amount of time. Good. So plugging all this in, we'll get that our amount of interest is equal to 1,275 times our interest rate written as a decimal is 0.065 times one. Multiplying all this together, we get that I is equal to 82.875. And since this problem is in dollars, we're going to go ahead and state our answer also in dollars. And we'll round this to $82.88.

Table of contents

Skip topic navigation

1. Review of Real Numbers2h 24m

Simplifying Fractions
30m

Evaluating Exponents
14m

Evaluating Expressions
15m

Translating Phrases to Expressions
16m

Translating Sentences to Equations
9m

The Distributive Property
17m

Simplifying Expressions
40m

2. Linear Equations and Inequalities3h 42m

The Addition and Subtraction Properties of Equality
47m

The Multiplication and Division Properties of Equality
30m

Solving Linear Equations
1h 14m

Solving Linear Inequalities
1h 8m

3. Solving Word Problems2h 48m

Introduction to Problem Solving
37m

Formulas
21m

Percent Problem Solving
1h 4m

Mixture Problem Solving
43m

4. Graphing4h 42m

The Rectangular Coordinate System
44m

Graph Linear Equations in Two Variables
24m

Graph Linear Equations Using Intercepts
23m

Slope of a Line
44m

Slope-Intercept Form
38m

Point Slope Form
22m

Linear Inequalities in Two Variables
28m

Introduction to Relations and Functions
40m

Function Notation
15m

5. Systems of Linear Equations2h 6m

Solving Systems of Linear Equations by Graphing
41m

Solving Systems of Linear Equations by Substitution
15m

Solving Systems of Linear Equations by Elimination
45m

Systems of Linear Inequalities
23m

6. Exponents and Polynomials3h 25m

The Product Rule
10m

The Quotient Rule
13m

Intro to the Power Rules
18m

The Power of a Quotient Rule
18m

Negative Exponents
28m

Simplifying Exponential Expressions Using All Exponent Rules
6m

Intro to Polynomials
21m

Adding and Subtracting Polynomials
20m

Multiplying Polynomials
33m

Special Products
34m

7. Factoring2h 36m

Factoring by Greatest Common Factor & Grouping
37m

Factoring Trinomials of the Form x² + bx + c
11m

Factoring Trinomials of the Form ax² + bx + c
37m

Factoring Special Products
33m

Quadratic Equations & Applications
35m

8. Rational Expressions and Equations3h 51m

Simplifying Rational Expressions
39m

Multiplying and Dividing Rational Expressions
25m

Adding and Subtracting Rational Expressions with Common Denominators
24m

Least Common Denominators
32m

Adding and Subtracting Rational Expressions with Different Denominators
39m

Rational Equations
44m

Direct & Inverse Variation
27m

9. Roots and Radicals2h 46m

Introduction to Radical Expressions
47m

Simplifying Radical Expressions
46m

Adding and Subtracting Radicals
19m

Multiplying, Dividing, and Rationalizing Radicals
53m

10. Quadratic Equations3h 2m

The Square Root Property
17m

Completing the Square
24m

The Quadratic Formula
29m

Introduction to Complex Numbers
18m

Multiplying and Dividing Complex Numbers
51m

Complex Solutions of Quadratic Equations
10m

Graphing Quadratic Equations
30m

3. Solving Word Problems

Percent Problem Solving

Beginning Algebra

3. Solving Word Problems

Percent Problem Solving

Previous problemNext problem

Struggling with Beginning Algebra?

Join thousands of students who trust us to help them ace their exams!

Multiple Choice

The student council borrowed $dollar sign 1 comma 275$ from a local sponsor to organize a school event. The sponsor charges $6.5 percent sign$ simple interest per year. How much interest will the student council owe after a year?

\$81.75

\$82.88

\$1357.88

\$1356.75

0 Comments

Previous problemNext problem

Verified step by step guidance

Identify the principal amount (P), which is the amount borrowed. Here, P = \$1,275.

Identify the interest rate (r) as a decimal. Since the rate is 6.5%, convert it by dividing by 100: r = 6.5 / 100 = 0.065.

Identify the time period (t) in years. Since the interest is for one year, t = 1.

Use the simple interest formula: $I = P \times r \times t$.

Substitute the values into the formula: $I = 1275 \times 0.065 \times 1$, then multiply to find the interest owed after one year.

5:15m

Watch next

Master Percent Change with a bite sized video explanation from Patrick Ford

Related Videos

Related Practice

Multiple Choice

A smartphone originally costs \$800 but is now sold for \$680. Calculate the percent discount.

views

Multiple Choice

The bookstore buys a set of novels for \$120 and sells it for \$150. What percent did they mark up?

views

Multiple Choice

A patient was prescribed a medication dose. It was increased by $15 percent sign$ after $3$ days, and the new dosage is $23 cc$ . What was the original dosage?

views

Multiple Choice

In a city, the water company increased the monthly water bill by $8 percent sign$ . The initial monthly cost is $dollar sign 54$ . What is the cost after the increase?

views

Multiple Choice

A community center paid $dollar sign 432$ in simple interest after $3$ years on borrowed funds for new equipment. The interest rate was $4.5 percent sign$ per year. What was the original amount borrowed?

views

rank

Multiple Choice

A $10$ -year government bond paid $5.8 percent sign$ simple interest per year. Over the $10$ years, the bond earned $dollar sign 4 comma 640$ in interest. What was the principal of the bond?

views

Multiple Choice

Sofia plans to buy a car. Her loan statement indicates she will pay $dollar sign 1 comma 350$ in interest for a $3$ -year loan at $9 percent sign$ simple interest per year. How much did Sofia borrow for the car?