SOLUTION: A store borrows $3900 at 14% for 90 days. Find the amount of interest due and the totl amount that must be paid after 90 days.

Question 22213: A store borrows $3900 at 14% for 90 days. Find the amount of interest due and the totl amount that must be paid after 90 days.
Answer by wuwei96815(245) (Show Source): You can put this solution on YOUR website!
14% of $3900 = 0.14 x 3900 = $546

However, one must assume that the 14% is an annual rate, but the problem specifies only 90 days.
90 days is approximately 1/4 of a year.
1/4 of 546 = $136.50 interest due.

After 90 days 3900 + 136.50 = $4,036.50 must be paid.
RELATED QUESTIONS
I get these questions wrong every time. they are the only only ones i miss, and they are... (answered by bucky,scott8148)

a company borrows 91,000 for 6 years at a simple interest rate of 12.5% find the... (answered by rfer)

a company borrows 81000 for 5 years at a simple interest rate of 7.5%. find the interest... (answered by Abdullahi2 hassan mamman)

A compay borrows 91,000 for 5 years at a simple interest rate of 15.5%. Find the interest (answered by mananth)

Chloe�s Manufacturing Company borrows $295,000 for 5 years at a simple interest rate of... (answered by Boreal)

Solve the problem. Assume that simple interest is being calculated in each case. Round... (answered by mananth)

I have trouble answering this simple interest question. A loan company advertises that... (answered by stanbon)

Burt’s Department Store needs $617,000 to take a cash discount of 2.50/10, net 90. A... (answered by Solver92311)