Jennifer Rick went to Sunshine Bank to borrow $3,500 at a rate of 10¾%. The date of the loan was September 7. Jennifer hoped to repay the loan on January 15. Assume the loan is calculated using ordinary interest. How much will Jennifer totally repay?

I = Prt

I = 3,500 * 0.1075 * 0.3506

Do the math and add to the principle.

To calculate the total amount Jennifer will repay, we need to consider the principal amount borrowed, the interest rate, and the duration of the loan.

Step 1: Calculate the interest for the duration of the loan
To calculate the interest, we need to determine the length of the loan in days. The loan starts on September 7 and ends on January 15, which is a period of 130 days (including both the start and end dates).

Step 2: Calculate the interest amount
To calculate the interest amount, we multiply the principal (loan amount) with the interest rate. Convert the percentage to a decimal by dividing it by 100:
10¾% = 10.75/100 = 0.1075

Interest = Principal * Interest Rate
Interest = $3,500 * 0.1075

Step 3: Calculate the total repayment amount
The total repayment amount is the sum of the principal and the interest.

Total Repayment = Principal + Interest
Total Repayment = $3,500 + (Interest calculated in step 2)

Now, let's calculate the amounts:

Principal = $3,500
Interest = $3,500 * 0.1075

Finally,

Total Repayment = $3,500 + $375.25 (interest calculated in step 2)

So, Jennifer will totally repay $3,500 + $375.25 = $3,875.25.