To calculate the total amount Dan has to pay back, we need to consider the borrowed amount ($2250) and the simple interest charged by his brother (6%).
1. First, calculate the interest Dan has to pay on the borrowed amount:
Interest = Principal x Rate x Time
Interest = $2250 x 6% x 15 months
2. Convert the time from months to years to match the rate (which is usually in annual terms):
15 months = 15/12 = 1.25 years
3. Now, calculate the interest:
Interest = $2250 x 0.06 x 1.25
4. Next, find the total amount Dan has to pay back by adding the interest to the principal amount:
Total amount = Principal + Interest
5. Calculate the total amount Dan has to pay back:
Total amount = $2250 + Interest
6. Finally, perform the calculation to find the total amount Dan has to pay back.
By following these steps and performing the calculations, you can determine the total amount Dan has to pay back to his brother after 15 months, considering the borrowed amount and the 6% simple interest charged.
