Certainly! Let's break down the calculations step by step to find out how much you would have available for spending in 2021.
### Given:
- Disposable income in 2021: \[tex]$12,000
- Amount borrowed in 2020: \$[/tex]580
- Interest rate: 15%
### Step-by-Step Solution:
1. Calculate the interest paid on the loan:
The interest on the borrowed amount (\[tex]$580) at a 15% interest rate is calculated as:
\[
\text{Interest Paid} = \text{borrowed amount} \times \text{interest rate}
\]
Plugging in the values:
\[
\text{Interest Paid} = 580 \times 0.15 = 87.0
\]
2. Calculate the total amount repaid for the loan:
The total amount repaid includes both the borrowed amount and the interest paid. This is calculated as:
\[
\text{Total Repaid} = \text{borrowed amount} + \text{interest paid}
\]
Plugging in the values:
\[
\text{Total Repaid} = 580 + 87.0 = 667.0
\]
3. Calculate the available spending amount in 2021:
The available spending amount is found by subtracting the total amount repaid from your disposable income in 2021. This is calculated as:
\[
\text{Spending Available} = \text{disposable income} - \text{total repaid}
\]
Plugging in the values:
\[
\text{Spending Available} = 12000 - 667.0 = 11333.0
\]
### Conclusion:
In 2021, you would have \$[/tex]11,333 available for spending after repaying the loan with interest.
So, the final amount available for spending in 2021 is \$11,333.
