The principal P is borrowed at a simple interest rate r for a period of time (t).
Find the simple interest owed for the use of money. Assume 360 days in a year and round answers to the nearest cent

P=$11,000 R=7%, t=30days

Solution Preview

The the interest rate r is daily interest rate, the interest earned over t days is
I = ...

Solution Summary

The solution shows how to calculate the simple interest owed by borrowing the principle for 30 days.

... He has agreed to repay the money in 10 months at an interest rate of 10.3%. How much will he owe in 10 months? We can just calculate using the simple interest. ...

... The note is one-year note receivable made on June 30, bearing an interest of % simple interest. 4. The company owes salaries of $800 at the end of December. ...

... How much will he owe in 10 months? How much interest will he pay? How much will he owe in 10 months? We can just calculate using the simple interest. ...

... Thus, the simple interest paid is $15,280 * 0.165 * 12 = . For compound interest, compounded annually, the total amount owed after n years is: P(1+r)^n where P ...

... How much did they owe on April 10th when the note can due? ... Question 5 : Ellen Nancy borrowed $500 at 12% simple interest, to be repaid in 8 equal monthly ...

... How much interest do you owe at the end of the first year? 4. How long does it take for a sum of $89,000 to grow to $175,000 if 1) simple interest of 5% and 2 ...

... or down to the amount owed to the customer, but the problem does not indicate that this is a consideration. How to calculate simple and compound interest on a ...

... was borrowed 5 years ago at 6% compounded quarterly, and $6000 is owed now, what ... 1.) Dan borrows $500 at 9% per annum simple interest for 1 year and 2 months. ...

... How much is the lump sum payment that Marty owes under the original contract? ... 2 Simple interest=PV*i*n=6000*8%*5=$2400 Total payment at the end of 5 years=6000 ...