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 = $6000, r = 1.5%, t = 15 months
To find the simple interest owed, we can use the formula:
Simple Interest = P * r * t
First, we need to convert the time period from months to years:
15 months = 15/12 years = 1.25 years
Now we can plug in the values into the formula:
Simple Interest = $6000 * 0.015 * 1.25 = $112.50
Therefore, the simple interest owed for the use of the money is $112.50.