Answer: Step-by-step explanation: We would apply the simple interest formula which is expressed as I = PRT/100 Where P = principal or amount borrowed T = time in years R = interest rate on amount borrowed. I = interest paid. From the given information, Principal = $3000 T = 3 months = 3/12 = 0.25 years R = 6 1/2 % = 6.5% Therefore, a) the amount that the woman pay for the use of the money is I I = (3000 × 6.5 × 0.25)/100 = 48.75 b) The amount she repaid to the bank on the due date of the note would be Principal + interest = 3000 + 48.75 = $3048.75
