Question

The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume there are 360 days in a

year.
P= $6000, r= 1.5%, t= 15 months
The simple interest owed for the use of the money is?

Answer 1

$40,500
Because 360/12=30
30•15=450 months
1.5% times 6000=$90
$90•450=40,500
40,500+6,000
$46,500