SOLUTION: If $625 is borrowed for 260 days at 4.5% simple interest, how much will be repaid at the end of 260 days?

SOLUTION: If $625 is borrowed for 260 days at 4.5% simple interest, how much will be repaid at the end of 260 days?

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Question 1181744: If $625 is borrowed for 260 days at 4.5% simple interest, how much will be repaid at the end of 260 days?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Interest = P * R * T
P= 625 R = 4.5% = 0.045 t = (260/365)years
I = 625*0.045* (260/365)
= $ 20.03
Amount payable
625+20.03 =$ 645.03
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