contestada

Determine the simple interest. (The rate is an annual rate unless otherwise stated. Assume 360 days in one year.)
p= $375, r = 9.5%, t = 60 days

The simple interest is $ ____
(Round to the nearest cent as needed.)

Determine the simple interest The rate is an annual rate unless otherwise stated Assume 360 days in one year p 375 r 95 t 60 days The simple interest is Round t class=

Respuesta :

if there are 360 days in 1 year, then 60 days is 60/360 = 1/6 of a year.

[tex]~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$375\\ r=rate\to 9.5\%\to \frac{9.5}{100}\dotfill &0.095\\ t=years\dotfill &\frac{1}{6} \end{cases} \\\\\\ I=(375)(0.095)(\frac{1}{6})\implies I\approx 5.94[/tex]

Otras preguntas