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To solve this problem, we need to apply the formula for simple interest. The formula is:

\[
I = P \times r \times t
\]

Where:
- $ I $ is the interest,
- $ P $ is the principal (the amount borrowed),
- $ r $ is the annual interest rate,
- $ t $ is the time the money is borrowed for, in years.

### Part (a) - Find the interest owed after 124 days:
- $ P = 7900 $ (the amount borrowed),
- $ r = 0.10 $ (10% annual interest),
- $ t = \frac{124}{365} $ (since 124 days is part of a year).

Now, substitute these values into the formula:

\[
I = 7900 \times 0.10 \times \frac{124}{365}
\]

Let's calculate:

\[
I = 7900 \times 0.10 \times 0.33973 \approx 268.37
\]

So, the interest owed after 124 days is **\$268.37**.

### Part (b) - Find the total amount owed after 124 days:
The total amount owed is the principal plus the interest:

\[
A = P + I = 7900 + 268.37 = 8168.37
\]

Thus, the total amount owed after 124 days is **\$8168.37**.

Would you like more details or have any questions?

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Here are some related questions to explore:
1. How does changing the interest rate affect the total interest?
2. What if the loan was for 200 days? How much interest would be owed?
3. How does compound interest differ from simple interest in a similar situation?
4. What would the interest be if the loan had a 15% annual rate?
5. How does the length of the loan term affect the total amount owed?

**Tip:** Always convert the time into years when dealing with simple interest, especially when the time is given in days.

A print shop borrows $7900 from a credit union for 124 days. The credit union charges simple interest at an annual rate of 10% for this loan. Assume each day is 1/365 of a year. Find the interest that will be owed after 124 days and the total amount owed if no payments are made.

Learn how to calculate the simple interest on a $7900 loan borrowed for 124 days at an annual interest rate of 10%. This guide provides a step-by-step solution using the simple interest formula, suitable for high school students in Grades 9-12.

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