The amount to be repaid by Jim Ryan is $14,891.78.
Given that, Principal (P) =$14,000, the rate of interest (R) =7[tex]\frac{1}{2}[/tex]% and T=310 days.
Ordinary interest is calculated on the basis of a 360-day year or a 30-day month; exact interest is calculated on a 365-day year.
Now, the interest=14,000×7.5 %×[tex]\frac{310}{365}[/tex].
=$891.78
The amount to be repaid=14,000+891.78=$14,891.78
Therefore, the amount to be repaid by Jim Ryan is $14,891.78.
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