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6.3 Exercise 7

Avg difficulty 2.5

David plans to move his family from Raleigh, North Carolina to Tempe, Arizona. His company will reimburse (pay after the move) David for the move. David does research and determines that movers will cost $5,600 to move his family’s belongings to Tempe. He takes out a simple interest, 45-day loan at 11.75% interest to pay this cost. How much interest will be paid on this 45-day loan, and what is David’s loan payoff amount?

OpenStax Contemporary Mathematics, 6.3 Simple Interest, exercise 7

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.