A restaurant borrows $14800.00 from a local bank for 7 months. The local bank charges simple interest at an annual rate of 4.55% for this loan. Assume each month is 1/12 of a year. Answer each part below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 7 months.
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Since there are 12 months in a year, we divide the annual rate by 12. 4.55% / 12 = 0.3791666667% per month Show more…
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