find the exact amount of interest to be for accumulated 25000 at 81/4% for 60 days?
I = Po*r*t
r = (8.25%/365)/100% = 0.000226 = Daily
% rate expressed as a decimal.
I = 25,000*0.000226*60 = $339.00
To find the exact amount of interest for the accumulated amount of $25000 at a rate of 8 1/4% (or 8.25%) for 60 days, you can use the simple interest formula:
Interest = (Principal * Rate * Time) / 100
Where:
Principal = $25000
Rate = 8.25%
Time = 60 days
Converting the rate to decimal form:
Rate = 8.25% / 100 = 0.0825
Converting the time to years:
Time = 60 days / 365 days (based on a 365-day year) = 0.1644 years
Substituting the values into the formula:
Interest = (25000 * 0.0825 * 0.1644) / 100
Interest = $340.25 (rounded to two decimal places)
Therefore, the exact amount of interest accrued over 60 days on an accumulated amount of $25000 at a rate of 8 1/4% is $340.25.
To find the exact amount of interest for an amount accumulated at a given interest rate for a specific period of time, you can use the following formula:
Interest = (Principal × Rate × Time) / (365 × 100),
where:
Principal is the initial amount ($25,000 in this case),
Rate is the interest rate (81/4% = 81/4 ÷ 100 = 0.8125),
Time is the number of days (60 in this case), and
365 represents the number of days in a year.
Now, let's plug in the values and calculate the interest:
Interest = (25000 × 0.8125 × 60) / (365 × 100)
= (2031250) / (36500)
≈ $55.68
Therefore, the exact amount of interest accumulated in 60 days for $25,000 at a rate of 81/4% is approximately $55.68.