### Home > ACC7 > Chapter cc28 > Lesson cc28.1.2 > Problem 8-25

8-25.

Joaquin has agreed to lend his younger brother $45 so that he can buy a new tank for his pet lizard. Joaquin is charging his brother 2% simple interest per month. If his brother pays him back in 6 months, how much will Joaquin get back? Homework Help ✎

Calculate the interest Joaquin will earn for one month by calculating what 2% of $45 would be.

Once you know how much interest he will earn for one month, can you calculate how much he will earn for 6 months?

2% = 0.02

(0.02)($45) = $0.90

Add the total interest earned to the original amount Joaquin lent his brother.

$50.40