You borrow $500 from a family member and agree to pay it back in 6 months. Because

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You borrow $500 from a family member and agree to pay it back in 6 months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after 6 months? How much is the interest?

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Engineering Economy

ISBN: 978-0133439274

16th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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Question Posted: Dec 03, 2018 12:25 PM

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You borrow $500 from a family member and agree to pay it back in 6 months. Because

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Engineering Economy

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