Nick borrowed $7150, to be repaired at an annual simple interest rate of 6.25%. How much interest will be due after 5 years? How much will Nick have to repay?

5 * .0625 * 7150 = interest due

total = interest due + 7150

I = PRT

I = 7,150 * 0.0625 * 5

I = ?

2,234

To calculate the amount of interest due after 5 years, we need to use the formula for simple interest:

Interest = Principal * Rate * Time

Where:
Principal = the amount borrowed ($7150)
Rate = the annual interest rate expressed as a decimal (6.25% = 0.0625)
Time = the number of years (5 years)

Substituting the values into the formula:

Interest = $7150 * 0.0625 * 5
Interest = $2234.38

Therefore, the interest due after 5 years will be $2234.38.

To calculate the total amount Nick will have to repay, we add the interest to the principal:

Total Repayment = Principal + Interest
Total Repayment = $7150 + $2234.38
Total Repayment = $9384.38

Therefore, Nick will have to repay a total of $9384.38.