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Find the interest due to the bank on a loan of $1000 at 7.5% for 280 days

User Spacegoing
by
8.1k points

1 Answer

1 vote

Answer:

The interest is
\$57.53

Explanation:

we know that

The simple interest formula is equal to


I=P(rt)

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

in this problem we have


t=280/365\ years\\ P=\$1.000\\r=0.075

substitute in the formula above


I=\$1.000(0.075*280/365)


I=\$57.53

User Henry Yang
by
8.3k points

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