Answer:
$2,608.65
Explanation:
The computation of the loan amount is shown below:
But before that first we have to determine the interest which is
= Principal × rate of interest × number of days ÷ total number of days in a year
= $2,500 × 11.75% × 135 days ÷ 365 days
= $108.65
The rate of interest given is 11 [tex]\frac{3}{4}[/tex]
And, the 135 days is from Sept 14 to Jan 27
So, the total amount paid is
= $108.65 + $2,500
= $2,608.65
