(1) 2. Tameka borrowed 300 to buy a speaker. She will pay the money back in 1 year at 5% simple interest. The interest she will pay is 15. What formula was used to calculate this? total amount using compound interest formula total amount using simple interest formula compound interest formula simple interest formula

To calculate the interest Tameka will pay, we use the simple interest formula. The simple interest formula is given by:<br /><br />\[ I = P \times r \times t \]<br /><br />where:<br />- \( I \) is the interest,<br />- \( P \) is the principal amount (the initial amount of money borrowed),<br />- \( r \) is the annual interest rate (expressed as a decimal),<br />- \( t \) is the time the money is borrowed for (in years).<br /><br />Given:<br />- \( P = \$300 \),<br />- \( r = 5\% = 0.05 \),<br />- \( t = 1 \) year.<br /><br />Plugging these values into the formula:<br /><br />\[ I = 300 \times 0.05 \times 1 = 15 \]<br /><br />So, the interest Tameka will pay is \$15.<br /><br />Therefore, the correct answer is:<br /><br />**simple interest formula**