Question

alec borrows $1,500 from the bank. to pay back the loan this year, he will pay the bank the amount he borrowed plus 12% simple interest. alec wants to know the total amount he will pay back.
total amount = amount borrowed + 12% of the amount borrowed
12% of the amount borrowed = 0.12 × $1,500
how much is the simple interest?
0.12 × $1,500 = $ 180
what is the total amount alec will pay back?
$

Explanation:

Step1: Identify the borrowed amount and interest

The amount borrowed is $\$1,500$, and the simple interest is calculated as $0.12\times\$1,500 = \$180$.

Step2: Calculate total amount to pay back

To find the total amount, we add the borrowed amount and the interest. So, $\$1,500 + \$180 = \$1,680$.

Answer:

$\$1,680$