Find the simple interest I of the given loan amount. (Round your answers to the nearest cent.)(a) $5,676 borrowed at 1134% from July 1 to December 31 of the same yearI =
Question
Find the simple interest I of the given loan amount. (Round your answers to the nearest cent.)(a) $5,676 borrowed at 1134% from July 1 to December 31 of the same yearI =
Solution 1
To calculate the simple interest, we use the formula:
I = PRT
where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time the money is borrowed for
In this case:
P = $5,676 R = 1134% = 11.34 (as a decimal) T = July 1 to December 31 is half a year = 0.5
Substituting these values into the formula gives:
I = $5,676 * 11.34 * 0.5
Now, calculate the value to find the interest.
Solution 2
To calculate the simple interest, we use the formula:
I = PRT
where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time the money is borrowed for
In this case: P = $5,676 R = 1134% = 11.34 (as a decimal) T = July 1 to December 31 is half a year = 0.5
Substituting these values into the formula gives:
I = $5,676 * 11.34 * 0.5
Now, calculate the value to find the interest.
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