Che Nolan Walker decided to buy a used snowmobile since his credit union was offering such...

Che Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $2.700 at 3.5% on December 26, 2019, and paid it off February 21, 2021. How much did he pay in interest? (Assume ordinary interest and no leap year.) (Use Days in a year table.) (Do not round intermediate calculations, Round your answer to the nearest cent.)

TABLE 7.1 Exact days n-a-year calendar (excluding leap year 28 Day of month SS33 38 23 8998893 - 50 GBS -- 345 97 EE 196 25 2

Expert Solution

Days between 26/12/2019 till 21-02-2021 = 422 days

dont count the day on which amount is borrowed that is 26/12/2019. Also we exclude 29/02/2020 since leap year is to be excluded

so interest paid is

2700*3.5%*422/365 = 109

ekkarill92 answered 2 years ago

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