Jennifer Rick went to Sunshine Bank to borrow $3,500 at a rate of 10¾%. The date of the loan was September 7. Jennifer hoped to repay the loan on January 15. Assume the loan is calculated using ordinary interest. How much will Jennifer totally repay?

Answer 1

I = Prt
I = 3,500 * 0.1075 * 0.3506

Do the math and add to the principle.