Ernie Bilko has a business idea. He wants to rent an abandoned gas station for just the months of November and December. He will convert the gas station into a drive-through Christmas wrapping station. Customers will drive in, drop off their gifts, return the next day, and pick up their wrapped gifts. He needs $332,200 to rent the gas station, purchase wrapping paper, hire workers, and

advertise. If he borrows this amount at 61% Interest for those two months, what size lump sum payment will he have to make to pay off the loan? (Round your answer to the nearest cent.)

Correction is the question: 6% = 6.5%

Amount to be repaid is $335798.833

Step-by-step explanation:

Amount of loan = $332,200

Rate of interest = 6.5%

time =  2months = 2/12 = 1/6 years

The amount of interest is simple interest

SI =

    =

    = $3598.833

Final amount to be repaid = 332200+ 3598.833

                                            = $335798.833

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step-by-step explanation:

the answer is:

the correct option:

b.

to solve the problem, we need to remember how to operate to simplify exponential expressions using the logarithms.

we are given the equation:

then, using placing logarith with base 7 on both sides of the equation, we have:

so, rounding the obtained result to two decimal places (nearest hundreth), we have:

hence, we have that the correct option:

b.

have a nice day!