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1 September, 16:47

Annie's cafe borrows $6100 at 6% for 290 days. Find the total amount that must be repaid after 290 days. (Use a 365 day year.)

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  1. 1 September, 17:33
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    Given:

    amount borrowed $6,100

    interest rate 6% - assuming annual interest rate

    term - 290 days of a 365 day year.

    This is a simple interest computation.

    Interest = Principal * interest rate * term

    Interest = 6,100 * 6% * 290/365

    Interest = 290.79

    Total payment at the end of the 290 term would be $6,390.79.

    Principal + interest → 6,100 + 290.79 = 6,390.79
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