Devon Gillies Is a College Student Who Is Working as a Laborer

question 4

Short Answer

Devon Gillies is a college student who is working as a laborer for a landscape company during the summer. Before the first paycheck, the owner loaned Devon $1,000 for 30 days at 5% ordinary simple interest. Compute the total amount that Devon will need to repay the owner when he gets paid after 30 days. (Use a 360-day year.)​

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Definitions:

Relief Against Forfeiture

Legal recourse that allows an individual or entity to recover the loss of property or rights due to failure to meet legal obligations, under certain conditions.

Sublet

A lease executed by the lessee of land or premises to a third party for a shorter term than that which the lessee holds.

Residential Tenancies

Agreements or arrangements where a lessee occupies a property primarily for living purposes.

Statute

A written law passed by a legislative body at either the federal or state level.