Final answer:
The simple interest on $7236.15 at a 4.25% annual rate for 30 days is approximately $25.35.
Step-by-step explanation:
To find the simple interest accrued from a principle of $7236.15 at an annual interest rate of 4.25% for 30 days, assuming a 360-day year, we use the simple interest formula:
Simple Interest = Principal × Rate × Time
First, we convert the annual interest rate of 4.25% into a decimal by dividing it by 100:
4.25% ÷ 100 = 0.0425
Next, we convert the period of time from days to years by dividing the number of days by 360:
30 days ÷ 360 days/year = 1/12 year
Now we apply the values to the formula:
Simple Interest = $7236.15 × 0.0425 × 1/12
To calculate the interest:
Simple Interest = $7236.15 × 0.0425 × 0.083333...
After performing the multiplication:
Simple Interest = $25.34625 (approximately)
Therefore, the simple interest accrued over 30 days on $7236.15 at 4.25% interest rate is approximately $25.35.