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Hello I seem to be having trouble on this problem please help thank you

Hello I seem to be having trouble on this problem please help thank you-example-1
User Pontikos
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1 Answer

4 votes

Answer:

a) Interest owed after 78 days = $110.01

b) Amount owed after 78 days = $14410.01

Step-by-step explanation:

a) The formula for calculating simple interest is expressed as

I = PRT

Where

I represents the interest earned after T years

P represents the principal or initial amount

R represents the interest rate

T represents the time in years

From the information given,

R = 3.6% = 3.6/100 = 0.036

P = 14300

T = 78 x 1/365 = 78/365

By substituting these values into the formula,

I = 14300 x 0.036 x 78/365

I = 110.01

Interest owed after 78 days = $110.01

b) Amount owed after 78 days = principal + interest

Amount owed after 78 days = 14300 + 110.01 = 14410.01

Amount owed after 78 days = $14410.01

User Cantonic
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