A restaurant borrows $15,200 from a local bank for 10 months. The local bank charges simple interest at an annual rate of 4.55% for this loan. Assume each month is 112 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 10 months. $ (b) Assuming the restaurant doesn't make any payments, find the amount owed after 10 months.
A restaurant borrows $15,200 from a local bank for 10 months. The local bank charges simple interest at an annual rate of 4.55% for this loan. Assume each month is 112 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 10 months. $ (b) Assuming the restaurant doesn't make any payments, find the amount owed after 10 months.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Question
A restaurant borrows
from a local bank for
months. The local bank charges simple interest at an annual rate of
for this loan. Assume each month 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
$15,200
10
4.55%
112
Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the
list of financial formulas
.
|
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