Respuesta :
Answer:
Explanation:
Amount of interest need to paid is 30 day month
= 10000×(1.075)×30/360 = 60.42
Simple interest formula is
Interest for year is = 10000×7.5% = 750
Per month is = 750×30/360 = 60.42
The amount of interest that Pace would have to pay on the loan in a 30-day month is $60.42.
What is the interest that Pace would pay?
Simple interest is when only the interest is applied to the principal amount that is borrowed and not on the interest already accrued.
Simple interest = principal x interest rate x 30/360
$10,000 x 0.0725 x 30/360 = $60.42
To learn more about simple interest, please check: https://brainly.com/question/27328409
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