Answer :
Final answer:
The total amount to be repaid at the end of the 195 days would be $582.86. This is calculated using the simple interest formula and adding the interest to the principal amount.
Explanation:
The subject of this question is simple interest, which is a type of interest that is calculated only on the original amount that was borrowed, or the principal. In this scenario, the principal is $555, the interest rate is 4.65% per year, and the loan term is 195 days.
To calculate the interest you would use the formula Interest = Principal x Rate x Time where time is the fraction of a year the money is borrowed for. Thus, the interest on the loan can be calculated as follows: $555 x 4.65/100 x 195/365 = $27.86.
This implies that the total amount to be paid back at the end of the 195 days will be the Principal + Interest which is $555 + $27.86 = $582.86.
Learn more about Simple Interest here:
https://brainly.com/question/32543341
#SPJ4
