Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent if necessary.
-Annie's cafe borrows $\$ 4000$ at $5 \%$ for 220 days. Find the total amount that must be repaid after 220 days.
A) $\$ 5205.48$
B) $\$ 4200.00$
C) $\$ 4012.05$
D) $\$ 4120.55$

Question

Quizplus · Accepted Answer

The simple interest is calculated using the formula $I = P \times r \times t$, where $P$ is the principal amount, $r$ is the rate, and $t$ is the time in years. Here, $P = 4000$, $r = 0.05$, and $t = \frac{220}{365}$. The interest $I = 4000 \times 0.05 \times \frac{220}{365} = 120.55$. The total amount to be repaid is $4000 + 120.55 = 4120.55$.

Solve the Problem $4000\$ 4000$4000 At 5%5 \%5% For 220 Days $5205.48\$ 5205.48$5205.48

Solve the Problem $\$ 4000$ At $5 \%$ For 220 Days $\$ 5205.48$