How do I find the exact interest on a loan for $3000 with a simple interest annual interest rate of 15% that was made on June 11 and was due on August 11.
I = Prt
I = 3,000 * 0.15 * 0.33333
To find the exact interest on a loan with simple interest, you can use the following formula:
Interest = Principal x Rate x Time
Where:
Principal = $3000
Rate = 15% (or 0.15 as a decimal)
First, let's calculate the time in years between June 11 and August 11.
Step 1: Find the number of days
August 11 - June 11 = 61 days
Step 2: Convert days to years
Since there are 365 days in a year, we divide 61 by 365 to get the time in years.
Time = 61 / 365 = 0.167 years (approximately)
Now, substitute the values into the formula:
Interest = $3000 x 0.15 x 0.167
Calculating the interest:
Interest = $75.00 (approximately)
Therefore, the exact interest on the loan would be approximately $75.00.
To find the exact interest on a loan with simple interest, you need to calculate the interest for the period of time that the loan was outstanding. In this case, we need to calculate the interest from June 11 to August 11.
First, let's calculate the number of days between June 11 and August 11. There are 31 days in July, so the number of days between the two dates is:
31 days (in July) + 11 days (in August) = 42 days
Next, let's convert the annual interest rate into a daily interest rate. Divide the annual interest rate by 365 (the number of days in a year):
15% / 365 = 0.00041 (rounded to 5 decimal places)
Now, multiply the loan amount by the daily interest rate to find the interest for one day:
$3000 x 0.00041 = $1.23 (rounded to 2 decimal places)
Finally, multiply the daily interest by the number of days to get the total interest:
$1.23 x 42 days = $51.66 (rounded to 2 decimal places)
Therefore, the exact interest on the loan for $3000, with a simple interest annual rate of 15% made on June 11 and due on August 11, is approximately $51.66.