1 Answer

Bart Blast · Answer 1 · 2023-11-16T11:52:08+0000

SOLUTION:

Case: Simple interest

Method:

P= $5100

R= 6.5% or 0.065 annual rate

T= 365 days.

1. The formula for simple Interest is:

Therefore:

$\begin{gathered} I=5100*0.065*(365)/(365) \\ I=331.50 \end{gathered}$

The Interest, I= $331.50

2. The Amount, A

$\begin{gathered} A=P+I \\ A=5100+331.50 \\ A=5431.50 \end{gathered}$

The Amount A= $5431.50

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