what is the total payment required to pay off a promissory note issued for $600.00 at 8% ordinary interest…

Explanation:

Step1: Identify the simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. $P=$600$, $r = 0.08$, and $t=\frac{180}{360}$ (since for ordinary interest, we assume 360 days in a year).

Step2: Calculate the interest

$I=Prt=600\times0.08\times\frac{180}{360}$ $I = 600\times0.08\times0.5$ $I = 24$

Step3: Calculate the total payment

The total payment $A$ is the sum of the principal $P$ and the interest $I$. $A=P + I$ $A=600 + 24$ $A = 624$

Answer:

$624.00$