Annies cafe borrows $9300 at 8% for 50 days. find the total amount that must be repaid after the 50 days. (Use a 365 day year)

Interest

= principal * annual rate * #days/365
= $9300*0.08*50/365
= $101.92
Principal+interest
= $9300+$101.92
= $9401.92

Check my work.

To find the total amount that must be repaid after 50 days, we'll need to calculate the interest accrued on the borrowed amount.

First, let's calculate the interest using the formula: Interest = Principal * Rate * Time

Here,
Principal = $9300
Rate = 8% or 0.08 (in decimal form)
Time = 50 days

However, before we proceed, we need to convert 50 days to a fraction of a year since the rate is given in an annual context (Use a 365-day year).

Conversion: 50 days / 365 days = 0.136986 (approx.)

Now, we can calculate the interest accrued:

Interest = $9300 * 0.08 * 0.136986 ≈ $99.041096

Next, we add the interest to the principal to determine the total amount that must be repaid:

Total Amount = Principal + Interest = $9300 + $99.041096 ≈ $9399.041096

So, the total amount that must be repaid after 50 days is approximately $9399.041.