document.write( "Question 1197139: Find the total amount that must be repaid on the following note described.
\n" ); document.write( "$8,593 borrowed at 14.5% simple interest
\n" ); document.write( "What is the total amount to be repaid 3 years, 125 days later? (Round answer to the nearest cent.) \n" ); document.write( "
Algebra.Com's Answer #830263 by Theo(13342)\"\" \"About 
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simple interest formula is:
\n" ); document.write( "i = p * r * n
\n" ); document.write( "i is the interest
\n" ); document.write( "p is the principal
\n" ); document.write( "r is the interest rate per time period.
\n" ); document.write( "n is the number of time periods.\r
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\n" ); document.write( "\n" ); document.write( "the principal = 8593.
\n" ); document.write( "the interest rate = 14.5% per year = .145
\n" ); document.write( "the number of time periods is 3 years and 125 days.
\n" ); document.write( "normally a 365 day year is assumed.
\n" ); document.write( "125 days is therefore 125 / 365 years.
\n" ); document.write( "the number of time periods is therefore 3 + (125/365) years.\r
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\n" ); document.write( "\n" ); document.write( "the formula becomes:
\n" ); document.write( "i = 8593 * .145 * (3 + 125/365) = 4164.662192\r
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\n" ); document.write( "\n" ); document.write( "add that to the principal to get 8593 + 4164.66 = 12757.66 is owed at the end of the loan period. \n" ); document.write( "
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