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Posted on Aug 05, 2024

Orla takes out a loan on April 2 1 , 2 0 2 3 for $ 5 , 0 0 0 at a variable interest

Orla takes out a loan on April

21, 2023

for $

5, 000

at a variable interest rate of

6 %

annually.

On June

26, 2023

the interest rate drops to

5.5 %

annually.

If Orla repays the loan on October

4, 2023

how much money will Orla have to repay?

(

Use

365

days per year.

)

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