Find simple interest and amount for 850 from 10th March to 3rd August at 5% per anum
Figure how many days in that period.
If using a 360-day year, then if there are k days, the interest is
850 * .05 * k/360
To find the simple interest and amount, we need to use the formula:
Simple Interest = (Principal * Rate * Time) / 100
Where:
Principal = 850
Rate = 5% per annum
Time = Number of days / 365
First, let's calculate the number of days from 10th March to 3rd August:
Number of days = 31 (March) + 30 (April) + 31 (May) + 30 (June) + 31 (July) + 3 (August) = 156 days
Now, let's calculate the time in years:
Time = 156 days / 365 days = 0.427 years (rounded to 3 decimal places)
Next, we can calculate the simple interest:
Simple Interest = (850 * 5 * 0.427) / 100 = 18.2125 (rounded to 2 decimal places)
Finally, we can calculate the amount:
Amount = Principal + Simple Interest = 850 + 18.2125 = 868.2125 (rounded to 2 decimal places)
Therefore, the simple interest is 18.21 and the amount is 868.21.