Question

$31,200 at 12 1/4% for 129 days is

Answer 1

This question involves calculating the simple interest accrued on a principal of $31,200 at an annual interest rate of 12 1/4% over 129 days by converting the annual rate to a daily rate and multiplying it by the number of days and principal.

Step-by-step explanation:

The student is asking how to calculate the interest accrued on a principal of $31,200 at an annual interest rate of 12 1/4% over a period of 129 days.

Step-by-step calculation:

1. Convert the annual interest rate from a percentage to a decimal: 12 1/4% = 0.1225.
2. Calculate the daily interest rate by dividing the annual interest rate by the number of days in a year (assuming 365 days): daily interest rate = 0.1225 / 365.
3. Multiply the daily interest rate by the number of days the money is invested: interest for 129 days = (0.1225 / 365) * 129 * $31,200.
4. Complete the calculation to find the total interest accrued over the 129 days.

The Simple Interest Formula I = PRT (Interest = Principal * Rate * Time), where P is the principal, R is the rate per time period, and T is the time period, can be used to determine the amount of interest accrued.