SOLUTION: Find the total amount that must be repaid on the following note described. $8,593 borrowed at 14.5% simple interest What is the total amount to be repaid 3 years, 125 days later?

Question 1197139: Find the total amount that must be repaid on the following note described.
$8,593 borrowed at 14.5% simple interest
What is the total amount to be repaid 3 years, 125 days later? (Round answer to the nearest cent.)
Found 2 solutions by Theo, MathTherapy:
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
simple interest formula is:
i = p * r * n
i is the interest
p is the principal
r is the interest rate per time period.
n is the number of time periods.

the principal = 8593.
the interest rate = 14.5% per year = .145
the number of time periods is 3 years and 125 days.
normally a 365 day year is assumed.
125 days is therefore 125 / 365 years.
the number of time periods is therefore 3 + (125/365) years.

the formula becomes:
i = 8593 * .145 * (3 + 125/365) = 4164.662192

add that to the principal to get 8593 + 4164.66 = 12757.66 is owed at the end of the loan period.
Answer by MathTherapy(10555) (Show Source): You can put this solution on YOUR website!
Find the total amount that must be repaid on the following note described.
$8,593 borrowed at 14.5% simple interest
What is the total amount to be repaid 3 years, 125 days later? (Round answer to the nearest cent.)

Amount to be repaid, or

RELATED QUESTIONS
A small business owner borrowed $4,200 at an annual simple interest rate of 12%. What... (answered by rfer)
Find the total amount that must be repaid if $100 is borrowed at 5.4% simple intrest for... (answered by ewatrrr)
Find the total amount that must be repaid if $100 is borrowed at 5.4% simple intrest for... (answered by ewatrrr)
If linda borrowed $2,100 from her bank at 9% simple interest per annum for two years what (answered by ikleyn)
find the total amount that must be repaid in each of the following cases a. a loan of... (answered by lynnlo)
A nurse borrowed $4250 to purchase a car. If she pays simple interest for 18 months at a... (answered by rfer)
If Linda borrowed $2,100 from her bank at 9% simple interest per annum for two years what (answered by ikleyn)
A loan is charged simple interest at an annual rate of 9.1%. The loan was repaid at the... (answered by Alex.33)
If you borrowed 10, 000 pesos from a bank with 18% interest per annum, what is the total... (answered by ikleyn)