is this correct now..
Problem #1
Find the simple interest assume a 360-day year. Round result $17000 at 9%for 119 days.
answer: 5619.44
To calculate the simple interest, you need to use the formula:
Simple Interest = (Principal * Rate * Time) / 360
Where:
Principal = $17,000
Rate = 9% (or 0.09 as a decimal)
Time = 119 days
To find the simple interest, we plug in the values into the formula:
Simple Interest = (17,000 * 0.09 * 119) / 360
Now, we can calculate it step by step:
Step 1: Calculate the numerator:
17,000 * 0.09 * 119 = 181,530
Step 2: Calculate the denominator:
360
Step 3: Divide the numerator by the denominator to find the simple interest:
181,530 / 360 = 504.25
Finally, to round the result to two decimal places, the answer is $504.25, not $5619.44.