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Tony opened a hot dog stand last April. he borrowed $5800 to pay for the stand and startup inventory, and he agreed to pay off the loan in 9 months at 7% simple interest. find the total amount required to repay the loan.(round to the nearest cent as needed)

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Respuesta :

[tex]\begin{gathered} \text{Borrowed amount=\$5800} \\ \text{year}=\frac{9}{12}=\frac{3}{4}\text{year} \\ \text{rate}=7\text{ \%} \\ \text{simple interest=}\frac{5800\times7\times3}{4\times100} \\ \text{simple interest=\$304.5} \end{gathered}[/tex]

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