how much interest will gabbie owe on $3,500 if she plans to pay back that amount in 7 months and she borrowed the money at a simple annual interest rate of 3

Finance May 27, 2021

how much interest will gabbie owe on $3,500 if she plans to pay back that amount in 7 months and she borrowed the money at a simple annual interest rate of 3.5%

Expert Solution

Computation of Simple Interest:

Simple Interest = Amount Borrowed*Rate*Time

= $3,500*3.5%*7/12

Simple Interest = $71.4583 or $71.46

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