Jax came to your bank to borrow $8,500 to start a new business. Your bank offers him a 30-month loan

Jax came to your bank to borrow $8,500 to start a new business. Your bank offers him a 30-month loan

Question:

Jax came to your bank to borrow $8,500 to start a new business. Your bank offers him a 30-month loan with an annual simple interest rate of 4.35%.Calculate the simple interest for this loan. Write out 1) the correct formula with variables (e.g. P0, PN, N, r, etc.), and 2) the correct formula with the numerical values (round your answer to the nearest cent, 3) write the answer in a complete sentence. Determine the total amount that Jax will have to pay back at the end of 30-months. Write out 1) all the steps, and 2) write the answer in a complete sentence.

Expert Answer:

Answer rating: 100% (QA)

1 The correct formula with variables for calculating simple interest is Simple Interest P0 N r Where
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