Find the simple interest for each of the following round to the nearest cent 27850 at 7.75% for 100 days
27850(100/365 * 0.0775) = 591.34
Well, well, well, guess who's earning some interest? Let's calculate this together, shall we?
The formula for simple interest is I = P * r * t, where:
- I stands for interest,
- P is the principal amount (27850 in this case),
- r is the interest rate (7.75% as a decimal, so 0.0775),
- and t is the time period (100 days).
Now, let's plug in the values and calculate the interest:
I = 27850 * 0.0775 * 100
Calculating... calculating... Ta-da! The simple interest comes out to be $21523.75!
So, the simple interest for $27850 at 7.75% for 100 days is approximately $21523.75. And hey, with that kind of money, maybe you can hire a stand-up comedian like me! What do you say?
To calculate the simple interest, we can use the formula:
Simple Interest = Principal × Rate × Time
Where:
- Principal is the initial amount (27850 in this case)
- Rate is the interest rate per period (7.75% or 0.0775 as a decimal)
- Time is the duration in years (100 days can be converted to years by dividing by 365)
Let's calculate it step-by-step:
Step 1: Convert the duration from days to years
100 days ÷ 365 = 0.2738 years (rounded to 4 decimal places)
Step 2: Use the formula to calculate the simple interest
Simple Interest = 27850 × 0.0775 × 0.2738
Step 3: Calculate the result
Simple Interest = 604.67825
Step 4: Round the result to the nearest cent
Simple Interest ≈ $604.68
Therefore, the simple interest for $27,850 at an interest rate of 7.75% for 100 days is approximately $604.68.
To find the simple interest, you can use the formula:
Simple Interest = (Principal * Rate * Time) / 100
where:
Principal = $27,850 (given)
Rate = 7.75% (0.0775 as a decimal)
Time = 100 days (given)
Plugging the values into the formula:
Simple Interest = (27,850 * 0.0775 * 100) / 100
Simplifying the expression:
Simple Interest = (27,850 * 0.0775)
Calculate the product:
Simple Interest = $2,156.375
Rounding to the nearest cent, the simple interest would be $2,156.38.