https://file.aiquickdraw.com/mathbot/file/1727410079712fcpo43yn.jpg

The question is asking for two things related to simple interest calculations. Let's break it down step by step:

1. **The principal amount (P)**: $7900
2. **The interest rate (r)**: 10% annually (which is 0.10 in decimal form)
3. **Time (t)**: 338 days. Since the year is considered to have 365 days, the time in years is $ \frac{338}{365} $.

The formula for simple interest is:

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

### Part (a) - Finding the interest after 338 days:

\[
I = 7900 \times 0.10 \times \frac{338}{365}
\]

Let me calculate the interest for you.

### Part (b) - Finding the total amount owed after 338 days:

The total amount owed is the sum of the principal and the interest. This can be written as:

\[
A = P + I
\]

Once we have the interest from part (a), we'll add it to the principal to get the amount owed.

Let me calculate both values.### Part (a) - The interest owed after 338 days is approximately **$731.56**.

### Part (b) - The total amount owed after 338 days, assuming no payments are made, is approximately **$8631.56**.

Let me know if you need any further explanation or details!

Here are some related questions to expand your understanding:

1. How would the interest change if the loan duration were extended to a full year?
2. What would happen to the total amount owed if the interest rate were 5% instead of 10%?
3. How is compound interest different from simple interest in such cases?
4. If the print shop made partial payments, how would that affect the total interest?
5. What happens to the interest if the principal is increased to $10,000?

**Tip**: In simple interest calculations, the time is usually expressed as a fraction of a year, which is why converting days into years is crucial.

A print shop borrows $7900 from a credit union for 338 days. The credit union charges simple interest at an annual rate of 10%. Assume each day is 1/365 of a year. Find the interest owed after 338 days and the total amount owed assuming no payments are made.

Learn how to calculate the simple interest and total amount owed for a $7900 loan over 338 days with a 10% annual interest rate. This guide explains the simple interest formula and demonstrates step-by-step calculations. Suitable for high school students.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation