Question 10, 10.2.27 HW Score: \( 90 \%, 9 \) of 10 points Save omework (S20) Part 1 of 2 Points: 0 of 1 A woman borrowed \( \$ 3500 \) from a bank for 6 months. A friend was cosigner of the woman's personal note. The bank collected \( 3 \frac{1}{2} \% \) simple interest on the date of maturity. a) How much did the woman pay for the use of the money? b) Determine the amount she repaid to the bank on the due date of the note. a) The woman paid \( \$ \) \( \square \) for the use of the money.

To calculate the simple interest paid by the woman, we can use the formula: Interest (I) = Principal (P) × Rate (R) × Time (T). Here, \( P = 3500 \), \( R = 3.5\% = 0.035 \), and \( T = \frac{6}{12} = 0.5 \) years. So, \( I = 3500 \times 0.035 \times 0.5 = 61.25 \). Thus, she paid \( \$61.25 \) for the use of the money. To determine the total amount repaid to the bank, we add the interest to the principal: Total Amount Repaid = Principal + Interest = \( 3500 + 61.25 = 3561.25 \). Therefore, she repaid \( \$3561.25 \) to the bank on the due date.