# louis borrowed \$500 from his bank his bank will charge louis 8% simple interest per year to loan him the money if he paid back the total amount he owed the bank including interest in 6 months how much should he have paid

## To calculate the amount Louis should have paid back, including the interest, we need to determine the interest amount first.

Simple interest can be calculated using the formula:
I = P * R * T

Where:
I = Interest
P = Principal amount (the amount borrowed)
R = Interest rate per period
T = Time (in years)

In this case, Louis borrowed \$500, the interest rate is 8% per year, and the time period is 6 months (0.5 years).

Plugging in the values:
I = 500 * 0.08 * 0.5
I = \$20

So, the interest Louis should have paid is \$20.

To find the total amount he should have paid back, we sum the principal and the interest:
Total Amount = Principal + Interest
Total Amount = \$500 + \$20
Total Amount = \$520

Therefore, Louis should have paid back \$520 in total, including the interest.

## To calculate the total amount Louis should have paid back, including the interest, we need to use the simple interest formula:

Simple Interest = Principal Amount x Interest Rate x Time

Here, the principal amount is \$500 and the interest rate is 8% per year. However, since he paid back the money within 6 months, we need to adjust the time accordingly.

Time can be expressed in years, so we divide 6 months by 12 to convert it into years:

Time = 6 months / 12 months/year = 0.5 years

Now we can calculate the interest:

Simple Interest = \$500 x 8% x 0.5

To find the total amount Louis should have paid, we add the principal amount to the interest:

Total Amount = Principal Amount + Simple Interest

Total Amount = \$500 + (\$500 x 8% x 0.5)

Total Amount = \$500 + (\$500 x 0.08 x 0.5)

Total Amount = \$500 + (\$500 x 0.04)

Total Amount = \$500 + \$20

Total Amount = \$520

Therefore, Louis should have paid \$520 in total, including the interest.