Find the total amount that musf be repaid on the following note described.
$\$ 8,523$ borrowed at $16.5 \%$ simple interest
What is the total amount to be repaid 3 years, 125 days later? (Round your answer to the nearest cent.) $\$$
Answer
\(\boxed{13223.49}\) is the total amount to be repaid 3 years, 125 days later.
Step 1 ：Given that the principal is $8523, the rate is 16.5%, and the time is 3 years and 125 days.
Step 2 ：First, we need to convert the rate from percentage to decimal and the time from years and days to years only. So, the rate is 0.165 and the time is approximately 3.342 years.
Step 3 ：Next, we calculate the interest using the formula for simple interest: Interest = Principal * Rate * Time. Substituting the given values, we get: Interest = $8523 * 0.165 * 3.342, which is approximately $4700.49.
Step 4 ：The total amount to be repaid is the sum of the principal and the interest. So, Total Amount = Principal + Interest = $8523 + $4700.49, which is approximately $13223.49.
Step 5 ：\(\boxed{13223.49}\) is the total amount to be repaid 3 years, 125 days later.
