Raimo borrowed $940 from Chris on October 21 and agreed to repay the debt with simple interest at the rate of 3.8% on May 29.
OK.
I don't see a question here.
How much interest was owed on May 29? Assume that February has 28 days. (Round your answer to the nearest cent.)
To calculate the amount of interest Raimo has to repay to Chris, we need to use the formula for simple interest:
Simple Interest = Principal × Rate × Time
In this case, the principal is $940, and the rate is 3.8%.
First, we need to calculate the time in years. The time between October 21 and May 29 can be calculated by counting the number of days and then dividing by the total number of days in a year.
1. Calculate the number of days between October 21 and May 29:
- October has 31 days.
- November has 30 days.
- December has 31 days.
- January has 31 days.
- February has 28 days (assuming a non-leap year).
- March has 31 days.
- April has 30 days.
- May has 29 days.
Total days = 31 + 30 + 31 + 31 + 28 + 31 + 30 + 29 = 241
2. Convert the total number of days into years:
- Divide the total days by the total number of days in a year (365 for a non-leap year):
241 / 365 ≈ 0.6603 years
Now that we have the principal, rate, and time, we can calculate the interest:
Simple Interest = $940 × 0.038 × 0.6603
Multiply the principal ($940) by the rate (0.038) and the time (0.6603):
Simple Interest = $940 × 0.038 × 0.6603 ≈ $24.58
Therefore, Raimo has to repay $24.58 in interest to Chris.