Raimo borrowed $830 from Chris on October 19 and agreed to repay the debt with simple interest at the rate of 5.1% on May 18.
How much interest was owed on May 18? Assume that February has 28 days.
I = Po*r*t = 830*(0.051/365)*212 = $24.59.
To calculate the interest owed on May 18, we need to determine the time period for which the interest is calculated and then use the formula for simple interest.
First, let's find the time period by counting the number of days between October 19 and May 18.
October 19 to October 31 = 12 days
November 1 to November 30 = 30 days
December 1 to December 31 = 31 days
January 1 to January 31 = 31 days
February 1 to February 28 = 28 days
March 1 to March 31 = 31 days
April 1 to April 30 = 30 days
May 1 to May 18 = 18 days
Now we can calculate the total number of days from October 19 to May 18 by adding up the days:
12 + 30 + 31 + 31 + 28 + 31 + 30 + 18 = 191 days
Next, we can use the formula for simple interest:
Interest = Principal * Rate * Time
Where:
Principal = $830 (the borrowed amount)
Rate = 5.1% = 0.051 (converted to decimal)
Time = 191 days
Interest = $830 * 0.051 * (191/365)
Now we can calculate the interest owed:
Interest = $830 * 0.051 * (191/365) ≈ $22.34
Therefore, the interest owed on May 18 is approximately $22.34.