Question

Find the exact interest for $180,000 at 7.5% for 180 days

Answer 1

`\text{ \$6,657.53}`

Step-by-step explanation:

Here, we want to calculate the interest value

Mathematically, we have this as:

`\text{ I = }(PRT)/(100)`

where:

P is the amount loaned which is given as $180,000

R is the interest rate which is 7.5%

T is the time given in days that will make us rewrite the equation above as follows:

`\text{ I = P }*(R)/(100)*(n)/(365)`

where n is the number of days in this context given as 180 days

Substituting the values, we have it that:

`\text{ I = }(180000*7.5*180)/(100*365)\text{ = \$6,657.53}`