Jina obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 7.45%. Her loan is for $12,700 for 62 days. Assume each day is 365 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 62 days. (b) Assuming Jina doesn't make any payments, find the amount owed after 62 days.
Jina obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 7.45%. Her loan is for $12,700 for 62 days. Assume each day is 365 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 62 days. (b) Assuming Jina doesn't make any payments, find the amount owed after 62 days.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jina obtains a loan for home renovations from a bank that charges simple interest at an annual rate of 7.45%. Her loan is for $12,700 for 62 days. Assume each
day is
365
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 62 days.
(b) Assuming Jina doesn't make any payments, find the amount owed after 62 days.
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