To calculate the amount Valerie will pay for the discount loan, first determine the interest using the formula: Interest = Principal × Rate × Time. Here, the principal is 569, the rate is 4.5% (or 0.045), and the time is 250 days (or 250/365 years).
Calculating the interest:
Interest = 569 × 0.045 × (250/365) ≈ 17.53.
Now, subtract the interest from the principal to find the total amount she will pay:
Total amount paid = Principal - Interest = 569 - 17.53 ≈ 551.47.
Thus, Valerie will pay approximately $551.47.
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