Answer:
Step-by-step explanation:
We would apply the simple interest formula which is expressed as
I = PRT/100
Where
P = principal or amount borrowed
T = time in years
R = interest rate on amount borrowed.
I = interest paid.
From the given information,
Principal = $3000
T = 3 months = 3/12 = 0.25 years
R = 6 1/2 % = 6.5%
Therefore,
a) the amount that the woman pay for the use of the money is I
I = (3000 × 6.5 × 0.25)/100 = 48.75
b) The amount she repaid to the bank on the due date of the note would be
Principal + interest
= 3000 + 48.75 = $3048.75
