The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume 365 days in a year.
P= $13000 r=11% t= 60days
To find the simple interest owed, we can use the formula:
Interest = Principal * Rate * Time
Plugging in the given values:
P = $13000
r = 11% = 0.11 (as a decimal)
t = 60 days
Interest = $13000 * 0.11 * (60/365) = $239.45 (rounded to the nearest cent)
Therefore, the simple interest owed for the use of the money is $239.45.