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Find the interest that will be owed after 11 months

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Question

A restaurant borrows $12,800 from a local bank for 11months. The local bank charges simple interest at an annual rate of 7.3% for this loan. Assume each month is 1/12 of a year. Answer each part below.

(a) Find the interest that will be owed after 11 months.

(b) Assuming the restaurant doesn't make any payments, find the amount owed after 11 months.

No intermediate computations, and round your final answers to the nearest cent.

Reference no: EM132346116

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