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A restaurant borrows $13,900 from a local bank for 11 months. The local bank charges simple interest at an annual rate of 7.3% 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.

What is the interest that will be owed after 11 months

Assuming the restaurant doesn't make any payments, find the amount owed after 11 months.

Problem

You deposit $13900 into a bank account paying 7.2% simple interest per year. You left the money in for 11 years. How much interest do you get at the end of those 11 years?

Result

The interest is $11008.8.

Explanation

Find an interest by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this examplee P = $13900, i = 7.2% and t = 11 years, so

III=P⋅i⋅t=13900⋅0.072⋅11=11008.8

relating to or denoting a system of numbers and arithmetic based on the number ten, tenth parts, and powers of ten.

step-by-step explanation: