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.