Final answer:
The simple interest paid on a loan of $10,580 at an annual rate of 16.69% for 36 days is approximately $173.80, calculated using the formula I = PRT.
Step-by-step explanation:
To calculate the simple interest paid on a loan, you can use the formula I = PRT, where I is the interest, P is the principal amount, R is the interest rate, and T is the time in years. In this case, the principal amount is $10,580, the interest rate is 16.69% (or 0.1669 when converted to decimal form), and the time is 36 days (which is 36/365 years).
When you plug these values into the formula, it looks like this:
I = $10,580 × 0.1669 × (36/365)
The calculated interest is:
I = $10,580 × 0.1669 × 0.09863
I = $173.80 (rounded to two decimal places)
Therefore, the total simple interest paid on a loan of $10,580 at 16.69% for 36 days is approximately $173.80.