Final answer:
The simple interest rate for an 80-day note with a principal amount of $2,100 and a maturity value of $2,236.33 is approximately 9.29%.
Step-by-step explanation:
The question asks to determine the simple interest rate of a note. We are given that the note has a principal amount of $2,100, a maturity value of $2,236.33, and an interest period of 80 days, with the year assumed to have 365 days.
The simple interest can be calculated using the formula:
Simple Interest = Maturity Value - Principal Amount
In this case, it's $2236.33 - $2100 = $136.33. To find the rate, we use the formula:
Simple Interest = Principal × Rate × Time
Where:
- Principal is $2100
- Time is ⅖ (80/365) years
- Simple Interest is $136.33
Rate can be found by rearranging the formula to:
Rate = Simple Interest / (Principal × Time)
Thus:
Rate = $136.33 / ($2100 × ⅖)
After calculating, we find that the simple interest rate is approximately 9.29%.