question 9 (1 point) retake question geraldo borrows $7100 from the bank at 4.99% simple interest. how much…

question 9 (1 point) retake question geraldo borrows $7100 from the bank at 4.99% simple interest. how much money will geraldo owe to the bank after one year if he has made no payments to the bank. assume no fees have been imposed. recall that simple interest is i = prt. round to the nearest cent. your answer: answer units

question 9 (1 point) retake question geraldo borrows $7100 from the bank at 4.99% simple interest. how much money will geraldo owe to the bank after one year if he has made no payments to the bank. assume no fees have been imposed. recall that simple interest is i = prt. round to the nearest cent. your answer: answer units

Answer

Explanation:

Step1: Identify the values of P, R, and T

P = 7100 (principal amount), R=4.99%=0.0499 (interest - rate as a decimal), T = 1 (time in years)

Step2: Use the simple - interest formula I = PRT

I=7100×0.0499×1 I = 7100×0.0499=353.29

Step3: Calculate the total amount owed

The total amount A owed is the sum of the principal P and the interest I. A=P + I. Since P = 7100 and I = 353.29, A=7100+353.29 = 7453.29

Answer:

$7453.29