Question

Find the interest on the following loan Assume 365 days a yearThe simple interest on 37,000 at 13.25% for 169 days is $_Round to the nearest cent as needed

Answer 1

Given the information as contained in the image on the question tab;

`\begin{gathered} The\text{ formula for calculating simple interest is:} \\ I=(PTR)/(100) \\ where;\text{ } \\ I=interest \\ T=time \\ R=rate\text{ of interest} \\ P=principal \end{gathered}`

Considering our question;

`\begin{gathered} I=? \\ P=\text{ \$37000} \\ T=(169)/(365) \\ R=13.25\text{ \%} \end{gathered}`
`\begin{gathered} I=(37000*(169)/(365)*13.25)/(100) \\ I=\text{ \$2269.92} \end{gathered}`

Final answer:

`The\text{ simple interest is \$2269.92}`