Question

Albert O'Malley signs a promissory note for $3,500 for 150 days at 9% exact interest. Find the interest he must pay _____ and the total amount due on the due date _____.

Answer 1

He must pay $129.45 and the total amount due is $3,629.45.

Explanation:

I (interest) =P (principal) x R (rate) x T (time)

I=3500x.09x150/365

I=129.45

A (amount due) = P (principal) + I (interest)

A= 3500 + 129.45

A= $3629.45