Problema Solution
Simple Interest:
I=prt
The simple interest on $34,900 at 6.25% for 167 day is(Assume 360 days in a year and 30 days in a month).
The simple interest on $34,900 at 6.25% for 167 day is
Answer: (Round to the nearest cent)
Answer provided by our tutors
P = $34,900 is the principal
r = 0.0625 is the annual percentage as a decimal
t = 167/360 years
I = the simple interest
I = P*r*t
Plug the values for P, r and t:
I = 34900*0.0625*(167/360)
I = $1,011.86
The simple interest on $34,900 at 6.25% for 167 day is $1,011.86.