Find the simple interest on this loan. Assume 365 days in a year.
$5367 at 5%; loan made on August 19th and due December 10th.
First, we need to find the number of days the loan was outstanding.
From August 19th to September 19th, there are 31 days.
From September 19th to October 19th, there are 30 days.
From October 19th to November 19th, there are 31 days.
From November 19th to December 10th, there are 21 days.
So the loan was outstanding for a total of 31+30+31+21 = 113 days.
To find the simple interest, we use the formula:
I = P*r*t
where:
I = interest
P = principal
r = interest rate (as a decimal)
t = time (in years)
In this case:
P = $5367
r = 0.05
t = 113/365 (since there are 365 days in a year)
So:
I = $5367*0.05*(113/365)
I = $83.20
Therefore, the simple interest on the loan is $83.20.
To find the simple interest on this loan, we will use the formula:
Interest = Principal × Rate × Time
where
Principal = $5367
Rate = 5% = 0.05
Time = Number of days between August 19th and December 10th / 365
First, let's find the time.
Count the number of days between August 19th and December 10:
August: 31 - 19 = 12 days
September: 30 days
October: 31 days
November: 30 days
December: 10 days
Total days = 12 + 30 + 31 + 30 + 10 = 113 days
Now, let's calculate the time:
Time = 113 days / 365 days = 0.3096 (rounded to four decimal places)
Now we can calculate the interest:
Interest = $5367 × 0.05 × 0.3096 ≈ $82.99
The simple interest on this loan is approximately $82.99.