Find the total amount that must be repaid on the following note described. $8,593 borrowed at 15.5% simple interest What is the

Question

Find the total amount that must be repaid on the following note described.
$8,593 borrowed at 15.5% simple interest
What is the total amount to be repaid 3 years, 125 days later? (Round your answer to the nearest cent.)

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Đan Thu 3 years 2021-08-06T19:14:57+00:00 2 Answers 20 views 0

Answers ( )

  1. Nho
    0
    2021-08-06T19:16:28+00:00
    Reply

    Answer:

    simple interest=principal x rate x time÷100

    amount borrowed=$8593

    125days to year

    365 days=1 year

    125=125/365×1

    0.3424657534246575year

    in all there is 3+0.3424657534246575=3.3424657534246575years

    I=$8593 x 15.5 x 3.3424657534246575÷100

    I= $4451.8802739726026941125

    total amount to be repaid=amount borrowed+interest

    $8593+$ 4451.8802739726026941125

    $13044.8802739726026941125

    rounded to the nearest cent=$13045.00

  2. thugiang
    0
    2021-08-06T19:16:49+00:00
    Reply

    Answer:$60 per week Step-by-step explanation: 120+90+0+30+0+150+30=420 420/7= 60

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