Question 11, 8.2.42
HW Score: $83.33 \%, 15$ of 18 points
A student borrows $\$ 2000$ at $5 \%$ for 6 months to pay tuition. Find the total amount due
Points: 0 of 1
using simple interest
The total amount due after 6 months is 5

Step 1 ：Given that a student borrows $2000 at a 5% interest rate for 6 months to pay tuition, we are to find the total amount due using simple interest.

Step 2 ：The formula for simple interest is \(I = PRT\), where \(P\) is the principal amount (the initial amount of money), \(R\) is the annual interest rate in decimal form, and \(T\) is the time the money is invested or borrowed for, in years.

Step 3 ：In this case, \(P = \$2000\), \(R = 5\% = 0.05\), and \(T = 6\) months = 0.5 years.

Step 4 ：We first calculate the interest, \(I = PRT = \$2000 \times 0.05 \times 0.5 = \$50\).

Step 5 ：The total amount due is the sum of the principal amount and the interest, which is \$2000 + \$50 = \$2050.

Step 6 ：Final Answer: The total amount due after 6 months is \(\boxed{\$2050}\).