Lena takes out a loan for her college tuition from a bank that charges simple interest at an annual rate of 8.95%. Her loan is for $2900 for 5 months. Assume each month is
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 5 months.
?
s]
(b) Assuming Lena doesn't make any payments, find the amount owed after 5 months.
si
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2020
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