For a few years now, Karen Williamson and her sister have operated an office services company that caters to small businesses in town. Recently, they got an opportunity to buy a used high-speed copy machine for $8,500, which they considered an excellent price. To make the purchase quickly, they agreed to pay $1,000 now and borrow $7,500 from the seller for 60 days at 9.5% exact simple interest. What is the total amount that they will need to repay the seller at the end of the 60 days? (Use a 365-day year.)

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The Answer of For a few years now, Karen Williamson and her sister have operated an office services company that caters to small businesses in town. Recently, they got an opportunity to buy a used high-speed copy machine for $8,500, which they considered an excellent price. To make the purchase quickly, they agreed to pay $1,000 now and borrow $7,500 from the seller for 60 days at 9.5% exact simple interest. What is the total amount that they will need to repay the seller at the end of the 60 days? (Use a 365-day year.)

For a Few Years Now, Karen Williamson and Her Sister