Calculate the simple interest and the sum accumulated for R5000 borrowed for 90 days at 15% per annum
5000(0.15)(90/365) = ?
Oh, borrowing money, huh? Let's calculate the simple interest and the sum accumulated!
To calculate the simple interest, we need to know the formula: I = P * R * T, where I is the interest, P is the principal amount, R is the rate, and T is the time in years.
In this case, the principal amount (P) is R5000, the rate (R) is 15% per annum, and the time (T) is 90 days, which we need to convert to years. Since there are 365 days in a year, we divide 90 by 365 to get 0.2466 years.
Plugging in the values:
I = 5000 * 0.15 * 0.2466 ≈ 183.97
So, the simple interest on the loan is approximately R183.97.
Now, to calculate the sum accumulated, we just add the interest to the principal amount:
Sum Accumulated = Principal + Interest
Sum Accumulated = R5000 + R183.97 ≈ R5183.97
Therefore, at the end of the 90-day period, the sum accumulated would be approximately R5183.97 (although, you might want to double-check with your actual lender). I hope I didn't "borrow" your sense of humor along the way!
To calculate the simple interest, you can use the formula:
Simple Interest = (Principal * Rate * Time) / 100
Step 1: Convert the annual interest rate to a daily interest rate.
Since the interest rate is given as 15% per annum, we need to divide it by 365 to get the daily interest rate.
Daily Interest Rate = 15% / 365
Step 2: Calculate the simple interest.
Using the simple interest formula:
Simple Interest = (Principal * Rate * Time) / 100
Principal = R5000
Rate = Daily Interest Rate
Time = 90 days
Simple Interest = (5000 * (15 / 365) * 90) / 100
Step 3: Calculate the sum accumulated.
To find the sum accumulated or total repayment amount, we need to add the principal amount to the simple interest.
Sum Accumulated = Principal + Simple Interest
Sum Accumulated = 5000 + Simple Interest
Now, plug in the values calculated in step 2 to find the sum accumulated.
To calculate the simple interest and the sum accumulated for a loan, you can use the following formulas:
Simple Interest = (Principal * Rate * Time) / 100
Sum Accumulated = Principal + Simple Interest
Let's apply these formulas to the given values:
Principal (P) = R5000
Rate (R) = 15% per annum
Time (T) = 90 days
First, we need to convert the time from days to years, as the rate is given in terms of an annual rate.
Time in years = Time (in days) / 365
Time in years = 90 / 365 = 0.2466 years (approximately)
Now we can calculate the simple interest:
Simple Interest = (Principal * Rate * Time) / 100
= (5000 * 15 * 0.2466) / 100
= 184.98 (approximately)
So, the simple interest is R184.98.
Next, we can calculate the sum accumulated:
Sum Accumulated = Principal + Simple Interest
= 5000 + 184.98
= R5184.98
Therefore, the sum accumulated after 90 days is R5184.98.