Question
A loan of $780.00 is taken out at a daily simple interest rate of 0.80%. How much will it cost to pay off the loan after 17 days?
$931.08
$881.58
$909.64
$886.08
$931.08
$881.58
$909.64
$886.08
Answers
GPT 3.5
To calculate the total cost to pay off the loan after 17 days, we can use the formula for simple interest:
Interest = Principal x Rate x Time
Interest = $780.00 x 0.008 x 17 = $132.6
Total cost = Principal + Interest = $780 + $132.6 = $912.60
Therefore, it will cost $912.60 to pay off the loan after 17 days. None of the given options match exactly, but the closest option is $909.64.
Interest = Principal x Rate x Time
Interest = $780.00 x 0.008 x 17 = $132.6
Total cost = Principal + Interest = $780 + $132.6 = $912.60
Therefore, it will cost $912.60 to pay off the loan after 17 days. None of the given options match exactly, but the closest option is $909.64.