Question: Solve the problem. Assume that simple interest is being calculated. Round your answer to the nearest cent if necessary. 54. Annie borrows $3100 and agrees

Solve the problem. Assume that simple interest is being calculated. Round your answer to the nearest cent if necessary. 54. Annie borrows $3100 and agrees to pay it back in 8 years. If the simple interest rate is 13%, find the total amount she pays back. A) $6324.00 B) $35,340.00 C) $32,240.00 D) $3224.00

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

1. Margo borrows $300, agreeing to pay it back with 5% annual interest after 9 months. How much interest will she pay? Round your answer to the nearest cent, if necessary. $: 2. Margo borrows $500,...

5. Solve the problem. Assume that simple interest is being calculated. A company borrows $56,000 for 7 years at an annual interest rate of 12.5% to buy irpeting a. Find the amount of interest paid...

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. John Lee's savings account has a balance of $2565. After 18 months, what will...

I just need an explanation with the answers on numbers 8-9. Thanks Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent. 8) Annie's...

Solve the problem. Assume that simple terest is being calculated in each case. Round your answer to the nearest cent. John Lee's savings account has a balance of $2565. After 18 months, what will the...

14. [-/4 Points] DETAILS HARMATHAP12 1.6.040. Complete the problem by using the accompanying gure, which shows a supply function and a demand function. (Assume price is measured in dollars.) p 40 30...

EXAMPLE: Use the formula for future value simple interest to find the indicated quantity. A = 22135, P = 19000, t = 39 weeks and find r =? Solution: A = P (1 + rt), Present Value (A) = 22135,...

Hello, I would like some help with these problems, please show all work Thank you, Make the indicated conversion. Assume a 360-day year as needed. 1) 150 days to a simplified fraction of year Use I =...

Hi, Can you help me with these three assignments. Thanks FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E13-19 Requirements 1. Journalize the transactions. Explanations are not required. 2. How...

LEARNING COMPETENCIES After studying this module, you will be able to do the following: Find the amount of simple and compound interest; Ascertain exact, ordinary interest, maturity value, and simple...

Identify the TRUCK tables candidate key(s).

Question 17 An experiment consists of rolling a single die. Two events are defined as: A = {a 5 or 6 shows up}, and B = {a 1 or 2 shows up). %3D Not yet answered Marked out of 1.00 Define a third...

Yield to maturity on a bond assumes: I. Coupon payments are reinvested at YTM . II . Bondholder holds the bond until the bond matures. Group of answer choices I and II II Only I Only Neither I nor II...

Develop a business idea for a small web-based business that was created due an opportunity you identified coming out of the social distancing and quarantine practice seen by countries to fight the...