How much is 5% simple interest on $100,000 from June 6 2009 until Oct 1 2012?
50000
the interest is 5000/year
June 6 2009 to Oct 1 2012 is roughly 3.3 years.
interest is thus 3.3*5000 = 16500
To calculate the simple interest, we use the formula:
Simple Interest = Principal * Rate * Time
Where:
Principal = $100,000
Rate = 5% (expressed as a decimal, which is 0.05)
Time = 3 years and 3 months (from June 6, 2009, to October 1, 2012)
First, let's calculate the time in terms of years. We have 3 years and 3 months, but we need it in terms of a fraction of a year:
3 months = 3/12 = 1/4 years
Adding the 3 years and 1/4 years together, we get a total time of 3 1/4 years.
Now, we can substitute the values into the formula and calculate the simple interest:
Simple Interest = $100,000 * 0.05 * 3.25
= $100,000 * 0.1625
= $16,250
Therefore, the simple interest on $100,000 at a rate of 5% from June 6, 2009, until October 1, 2012, is $16,250.