Question

The Wet Dog Surf Company borrows $29,000 at 8.50% for 9 months. Calculate the total interest amount (rounded to the nearest penny) that Wet Dog will pay.

Answer 1

Answer:

$30848.75 cause it already rounded to the nearest penny

Explanation:

First have to find the interest.

Interest = principal * rate * time

Principal ( money borrowed) = $29000

Rate =8.5% or $\frac{8.5}{100}$ or $\frac{85}{1000}$

Time = 9 months which in this case will be $\frac{9}{12}$ years since the time is calculated in years.

Interest = $\frac{29000 * 85 * 9}{1000 * 12}$

             = $\frac{29 * 85 * 3}{4}$

             = $\frac{7395}{4}$

             = $1848.75

Now to find the amount Wet Dog will pay you have to add the interest to the Principal.

Amount = $29000 +$ 1848.75

              = $30848.75