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Sarah has decided that she never wants to go into debt. Therefore, she only uses her
debit card and cash for purchases. The store where she is planning to purchase a dining
room set charges a 15% annual interest rate for all store credit card purchases. If Sarah
saves up the cash and uses her debit card to purchase her new $1,200 dining room set,
how much will she have to pay in interest?

Respuesta :

The amount that Sarah will have to pay as interest will be $180

Based on the information given, the following can be depicted:

Cost of dining room set = Principal = $1200

Interest rate = 15%

Time = 1 year

The simple interest will be calculated using the formula:

= PRT/100

= (1200 × 15 × 1) / 100

= 18000/100

= 180

Therefore, based on the calculations above, the interest that'll be paid by Sarah is $180.

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