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Karolina [17]
3 years ago
10

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

y) that Wet Dog will pay.
Business
1 answer:
Nadya [2.5K]3 years ago
5 0

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

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