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What is the exact simple interest on 150-day loan of 2,350 at %10

User Waterproof
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1 Answer

3 votes

Answer:

96.58

Explanation:

The formula for simple interest is ...

I = Prt

where P is the principal, r is the rate, and t is the time period in years.

Exact interest is computed using 365 days per year, so the time period is ...

t = 150/365

Then the interest is ...

I = 2350(0.10)(150/365) = 96.58

User Mil
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