Question: III Computing the interest and repayment amount for a simple interest loan... Ali obtains a loan for home renovations from a bank that charges

III Computing the interest and repayment amount for a simple interest loan...

III Computing the interest and repayment amount for a simple interest loan... Ali obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 15%. His loan is for $12,500 for 53 days. Assume each 1 365 day is of a year. Answer each part below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 53 days. $0 (b) Assuming Ali doesn't make any payments, find the amount owed after 53 days. 1/3

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