Step 1 :Given that the principal amount (P) is $3700, the annual interest rate (R) is 8.25% or 0.0825 in decimal form, and the time (T) is 231 days or approximately 0.6329 years (since each day is 1/365 of a year).
Step 2 :We can use the formula for simple interest, I = PRT, to find the interest that will be owed after 231 days.
Step 3 :Substituting the given values into the formula, we get I = 3700 * 0.0825 * 0.6329.
Step 4 :Calculating the above expression, we find that the interest (I) is approximately $193.19.
Step 5 :To find the total amount owed after 231 days, we add the interest to the principal amount. So, the total amount owed is $3700 + $193.19.
Step 6 :Calculating the above expression, we find that the total amount owed is approximately $3893.19.