Im sure i did all the steps right

Question

$20,000 is loaned at a simple interest rate of 8% for 90 days. Find the total amount that must be repaid at the end of the 90-day period. (Round your answer to the nearest cent.)

i got the answer as 20,665.75

Answer 1

Simple Interest Formula 

Simple Interest = Principal × Interest Rate × Time

Interest = I

Principal (initial value) = P

Interest rate = r

time = t (always in years)

I = P * r * t

I = 20000 * 0.08 * 0.246575

I = 394.52

Answer 2

Since it is simple interest there is no compounding

8 % yearly interest would be 20000 x .08 would be $600/year or $ 1.6438/day x 90 days = $147.95 interest so

the total to be repaid is $20,147.95