Question

Find the simple interest rate in dollars due on a 33 day loan of $650 if the simple interest rate is 3.1 round to the nearest cent use 360 days in one year

Answer 1

1. We are given that :

• loan = $650

,

• For 33 days , interest = 3.1%

,

• to use 360 days a year

2. Calculate the simple interest rate :

Interest = (650 * 33*3.1)/ 100 *360

=66495/36000

=1.847

≈$1.85 ...( rounded off to the nearest cent)

This means that the interest due on a 33 day loan of $650 will be $1.85.