Question

Carol loaned Mary $20,300 at an interest rate of 12% for 269 days. How much will Mary pay Carol at the end of 269 days? Round your answer to the nearest cent. Note: Assume 365 days in a year and 30 days in a month.

Answer 1

Mary will pay Carol approximately $21,081.44 at the end of 269 days with an interest rate of 12%.

Step-by-step explanation:

To calculate the amount Mary will pay Carol at the end of 269 days with an interest rate of 12%, we can use the formula:

Amount = Principal + (Principal * Rate * Time)

In this case, the Principal is $20,300, the Rate is 12% (or 0.12 as a decimal), and the Time is 269 days.

Using the formula, we can calculate:

Amount = $20,300 + ($20,300 * 0.12 * (269/365))

Amount = $21,081.44 (approx)

Therefore, the amount Mary will pay Carol at the end of 269 days is approximately $21,081.44.