Question

What is the exact simple interest on 150-day loan of 2,350 at %10

Answer 1

96.58

Explanation:

The formula for simple interest is ...

I = Prt

where P is the principal, r is the rate, and t is the time period in years.

Exact interest is computed using 365 days per year, so the time period is ...

t = 150/365

Then the interest is ...

I = 2350(0.10)(150/365) = 96.58