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

SOLUTION

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

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

Considering our question;

$\begin{gathered} I=? \\ P=\text{ \ 37000} \\ T=\frac{169}{365} \\ R=13.25\text{ \%} \end{gathered}$$\begin{gathered} I=\frac{37000\times\frac{169}{365}\times13.25}{100} \\ I=\text{ \ 2269.92} \end{gathered}$

Final answer:

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