A restaurant borrows $15,700 from a local bank for 7 months. The local bank charges simple interest at an annual rate of 10% for this loan. Assume each month is of a year. Answer each part below. 12 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 7 months. ? $0 (b) Assuming the restaurant doesn't make any payments, find the amount owed after 7 months. 2

A restaurant borrows $15,700 from a local bank for 7 months. The local bank charges simple interest at an annual rate of 10% for this loan. Assume each month is of a year. Answer each part below. 12 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 7 months. ? $0 (b) Assuming the restaurant doesn't make any payments, find the amount owed after 7 months. 2

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...

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