Questions: A print shop borrows 5100 from a credit union for 356 days. The credit union charges simple interest at an annual rate of 6.5% for this loan. Assume each day is 1/365 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 356 days. (b) Assuming the print shop doesn't make any payments, find the amount owed after 356 days.

A print shop borrows 5100 from a credit union for 356 days. The credit union charges simple interest at an annual rate of 6.5% for this loan. Assume each day is 1/365 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 356 days. (b) Assuming the print shop doesn't make any payments, find the amount owed after 356 days.
Transcript text: A print shop borrows $\$ 5100$ from a credit union for 356 days. The credit union charges simple interest at an annual rate of $6.5 \%$ for this loan. Assume each day is $\frac{1}{365}$ 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 356 days. $\$ \rrbracket$ (b) Assuming the print shop doesn't make any payments, find the amount owed after 356 days. $\$$
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Solution

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Solution Steps

Step 1: Convert the annual interest rate from a percentage to a decimal

The annual interest rate in decimal is 0.065 (i.e., 6.5% / 100).

Step 2: Convert the time period from days to years

The time in years is 0.975 years (i.e., 356 days / 365).

Step 3: Calculate the interest owed using the formula \(I = P \times r \times t\)

The interest owed is \(I = 5100 \times 0.065 \times 0.975 = 323.33\).

Step 4: Calculate the total amount owed by adding the interest owed to the principal amount

The total amount owed is \(A = 5100 + 323.33 = 5423.33\).

Final Answer:

The interest owed is $323.33 and the total amount owed after 356 days is $5423.33.

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