Question

How much simple interest would be paid on a loan of 10,170 at 7.64% for 272 days

Answer 1

I'll setup the problem and you can compute the answer

Explanation:

The formula for simple:

I = P*r*t

I = interest

P = loan amount

r = interest rate per period (period = days)

n = number of periods

P = 10,170

r = .0764/365

t = 272