Use ordinary interest: (Round your answer to the nearest cent.) Interest Date Date Principal Rate Borrowed...

Question

Question

Answer 1

Answer #1

a). Time = Days in April + Days in May + Days in June + Days in July + Days in August

= 10 + 31 + 30 + 31 + 8 = 110 days

b). Simple Interest = Principal * Interest Rate * Time Period

= $9,000 * 0.11 * (110/365) = $298.36

c). Amount Paid Back = Principal + Simple Interest = $9,000 + $298.36 = $9,298.36

Answer 2

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