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A restaurant borrows $ 1 2 , 8 0 0 from a local bank for 1 1 months. The local bank charges simple interest at
A restaurant borrows $ from a local bank for months. The local bank charges simple interest at an annual rate of for this loan. Assume each month is 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 months.
$
b Assuming the restaurant doesn't make any payments, find the amount owed after months.
$
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