Question

Find the total amount that must be repaid on the following note. Assume the number of days in a year is n = 360.
$8078 borrowed at 12.5% simple interest
What is the total amount to be repaid 4 years, 80 days later? (Give your answer to the nearest cent.

Answer 1

simle interest being that it is compounded once a year?

Answer 2

I = Prt

Answer 3

(1009.75) * (time) if you can figure out what they mean by "time" your set :)