Solution:
Given in the question, we have the amount to be
[tex]=\text{ \$}500[/tex]
The interest rate given is
[tex]=8\%=\frac{8}{100}=0.08[/tex]
The time is given below as
[tex]\begin{gathered} t=90days \\ t=\frac{90}{365}=0.25 \end{gathered}[/tex]
Step 1:
We will calculate the simple interest
[tex]\begin{gathered} I=\frac{PRT}{100} \\ I=\frac{500\times8\times0.25}{100} \\ I=\text{ \$}10.00 \end{gathered}[/tex]
Step 2:
We will calculate the total repayment using the formula below
[tex]\begin{gathered} T.P=A+I \\ T.P=\text{ \$}500+\text{ \$}10 \\ T.P=\text{ \$}510.00 \end{gathered}[/tex]
Hence,
The final answer is
[tex]\Rightarrow\text{ \$}510.00[/tex]
OPTION C is the right answer
