Question

Find the exact interest for $180,000 at 7.5% for 180 days

Answer 1

Answer:

$\text{ \ 6,657.53}$

Explanation:

Here, we want to calculate the interest value

Mathematically, we have this as:

$\text{ I = }\frac{PRT}{100}$

where:

P is the amount loaned which is given as $180,000

R is the interest rate which is 7.5%

T is the time given in days that will make us rewrite the equation above as follows:

$\text{ I = P }\times\frac{R}{100}\times\frac{n}{365}$

where n is the number of days in this context given as 180 days

Substituting the values, we have it that:

$\text{ I = }\frac{180000\times7.5\times180}{100\times365}\text{ = \ 6,657.53}$