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.

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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?

$dollar sign 81.75$ \)81.75

\$82.88

\$1357.88

\$1356.75

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Verified step by step guidance

Identify the principal amount (P), the interest rate (r), and the time period (t). Here, the principal is \$1,275, the interest rate is 6.5%, and the time is 1 year.

Convert the interest rate from a percentage to a decimal by dividing by 100: $r = \frac{6.5}{100}$.

Use the simple interest formula: $I = P \times r \times t$, where $I$ is the interest owed.

Substitute the known values into the formula: $I = 1275 \times \left(\frac{6.5}{100}\right) \times 1$.

Multiply the numbers step-by-step to find the interest amount owed after one year.

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Struggling with Intermediate Algebra?

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?

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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?