Determine the simple interest. Assume 360 days in a year.
per day, days
The simple interest is .
(Do not round until the final answer. Then round to the nearest cent as needed.)

Ask by Lynch Wheeler. in the United States

Mar 17,2025

Question

Determine the simple interest. Assume 360 days in a year.
per day, days
The simple interest is .
(Do not round until the final answer. Then round to the nearest cent as needed.)

Ask by Lynch Wheeler. in the United States

Mar 17,2025

UpStudy AI · Accepted Answer

Given:
- Principal amount $$ p = \$39,016 $$
- Rate of interest $$ r = 0.0625\% $$ per day
- Time period $$ t = 60 $$ days

The formula for simple interest is:
$$ \text{Simple Interest} = \frac{p \times r \times t}{100} $$

Substitute the given values into the formula:
$$ \text{Simple Interest} = \frac{39016 \times 0.0625 \times 60}{100} $$

Now, calculate the simple interest.
Calculate the value by following steps:
- step0: Calculate:
  $$\frac{39016\times 0.0625\times 60}{100}$$
- step1: Multiply the terms:
  $$\frac{146310}{100}$$
- step2: Reduce the fraction:
  $$\frac{14631}{10}$$
The simple interest is $1463.10.

Therefore, the simple interest is $1463.10.
The simple interest is $1,463.10.

Determine the simple interest. Assume 360 days in a year.
per day, days
The simple interest is .
(Do not round until the final answer. Then round to the nearest cent as needed.)

Upstudy AI Solution

Answer

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Determine the simple interest. Assume 360 days in a year. per day, days The simple interest is . (Do not round until the final answer. Then round to the nearest cent as needed.)

Upstudy AI Solution

Answer

Solution

The Deep Dive

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Determine the simple interest. Assume 360 days in a year.
per day, days
The simple interest is .
(Do not round until the final answer. Then round to the nearest cent as needed.)