Determine the simple interest
p=6742.75,6.05%, t=90 days
I = PRT
I = 6742.75 * 0.0605 * 0.25
I = 101.98
To determine the simple interest, you can use the formula:
Simple Interest = (Principal × Rate × Time) / 100
Where:
Principal (p) = $6742.75
Rate = 6.05%
Time (t) = 90 days
First, convert the rate from a percentage to a decimal:
Rate = 6.05% = 6.05/100 = 0.0605
Now, plug the values into the formula to calculate the simple interest:
Simple Interest = (6742.75 × 0.0605 × 90) / 100
= 244.271475
Therefore, the simple interest on a principal of $6742.75 at a rate of 6.05% for 90 days is $244.27.
To determine the simple interest, you need to use the formula:
Simple Interest = (Principal * Rate * Time) / 100
In this case, the principal (P) is $6742.75, the rate (R) is 6.05%, and the time (T) is 90 days.
First, convert the rate from a percentage to a decimal by dividing it by 100:
6.05% / 100 = 0.0605
Next, substitute the values into the formula:
Simple Interest = (6742.75 * 0.0605 * 90) / 100
Now, multiply the principal, rate, and time together, and divide by 100:
Simple Interest = (407.5905375 * 90) / 100
Calculating further:
Simple Interest = 36683.149375 / 100
Simple Interest = $366.83
Therefore, the simple interest for a principal of $6742.75 at a rate of 6.05% for a duration of 90 days is $366.83.