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For a few years, Karen Williamson and her sister have operated an office services company...

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Accounting

For a few years, Karen Williamson and her sister have operated an office services company that caters to local small businesses. Recently they got an opportunity to buy a used high-speed copy machine for $8,500 which they considered an excellent price. To make the purchase quickly, they agreed to pay $1,000 now and borrow $7,500 from the seller for 60 days at 9.5% exact simple interest.

What is the total amount that they will need to repay the seller at the end of the 60 days? (Use a 365-day year.) Round your answer to two decimal places. $

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