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## 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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Mathematics
3 years
2021-08-06T19:14:57+00:00
2021-08-06T19:14:57+00:00 2 Answers
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## Answers ( )

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

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