Question

The Wet Dog Surf Company borrows $27,000 at 5.00% for 10 months. Calculate the total interest amount (rounded to the nearest penny) that Wet Dog will pay.

Answer 1

Answer:

total interest = $1125

Explanation:

given data

principal = $27,000

rate = 5 %

time = 10 months

to find out

total interest

solution

we get here total interest that is express as

total interest = principal × rate × time   ....................1

put here value and we get

total interest = $27,000 × 5 % × $\frac{10}{12}$    

total interest = $1125