Somebody please help me!!!!!?

kassie borrowed $1000 from the bank at a 12% interest rate. How much money will Kassie have to pay the bank over a six month period of time?

Somebody please help me!!!!!?mortgage rate

Assuming simple interest:

The formula is A = P(1+rt),

where P is the prinicple, r is the interest rate and t is the time (i years)

P = 1000, r = .12 and t = 1/2

A = 1000(1+(.12)(1/2))

A = 1000(1+.06)

A = 1000(1.06)

A = 1060

Somebody please help me!!!!!?

loan

12% of 1000 is 120. if interest is 120 a year, then half that would be 60|||This depends how the interest is calculated.

If the 12% is the annual interest rate, and the interest is applied monthly then 1% will be charged each month.

If the interest is compounded then in the second month 1% will be applied to $1000 + $10 from the first months interest.

So after the second month the amount owed will be 1.01*(1010) = 1.01*(1000*1.01) = 1000* 1.01^2

Hence after six moths the total amount repayable is 1000*1.01^6 = $1061.52

Note this compounding of interest has added an extra $1.52 in comparision to if 1% of $1000 = $10 was added each month.

If that was the case $1060 would be repayable.|||The interest is given by I = Prt, where P is the principal,

r is the yearly interest rate and t is the time in years.

So the interest is 1000*.12*1/2 = 60.

The total amount to repay is therefore $1060.