A woman uses a loan program for small businesses to obtain a loan to help expand her vending machine business. The woman borrows \( \$ 29,000 \) for 4 years with a simple interest rate of \( 1.3 \% \). Determine the amount of money the woman must repay after 4 years. The woman must repay \( \$ \)

To determine the total amount the woman must repay after 4 years, we'll first calculate the simple interest using the formula: \[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \] Here, the principal is \( \$29,000 \), the rate is \( 1.3\% = 0.013 \), and the time is 4 years. \[ \text{Interest} = 29,000 \times 0.013 \times 4 = 1,508 \] Now, to find the total amount to repay: \[ \text{Total Amount} = \text{Principal} + \text{Interest} = 29,000 + 1,508 = 30,508 \] Therefore, the amount the woman must repay after 4 years is \( \$30,508 \). --- In the world of small businesses, understanding loans is crucial! Many entrepreneurs utilize microloans or community financing programs to boost their ventures without hefty bank requirements. It's an empowering way to invest in one’s passions, like that vending machine business! Also, watch out for common pitfalls! Borrowers often forget to account for the full cost of borrowing, which includes interest and any potential fees. A clear understanding of the loan terms ensures businesses don’t end up overextended. Always read the fine print!