Question

what is the exact interest of a loan rounded to two decimals if the principal is 7310 rate is 10 and number of days of loan is 13? ​

Answer 1

the interest is $26.03

Explanation:

The computation of the interest is shown below:

As we know that

Simple interest = Principal × rate of interest × number of days ÷ total number of days

= 7310 × 10% × 13 ÷ 365

= $26.03

We assume that in a year there are 365 days

Hence, the interest is $26.03

The same would be considered