Find the total amount due for the simple interest loan. (Round your answer to the nearest...

Question

Question

Find the total amount due for the simple interest loan. (Round your answer to the nearest cent.)

$6100 at 5.3% for 4 years 9 months.

Answer 1

Answer #1

Time = 4 years 9 months = 17/4

Interest = Principal * Rate * time/100 = 6100*5.3%*19/4 = 1535.68

Total Amount = Principal + interest = 6100 + 1535.68 = 7635.68

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Answer 2

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