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2 years ago

Find the simple interest on $6000 from 16 May 2010 to 9 October 2010 at 10 percent per annum

Mathematics

1 answer:

omeli [17]2 years ago

8 0

Answer:

$240.02

Step-by-step explanation:

10% per year means "how much percent per day?"

We need to divide 10 by 365 since there are 365 days in a year. Hence,

$\frac{10}{365}=0.0274$

So, that is 0.0274% per day

In decimal, we have to divide this percentage by 100, so, that is:

0.0274/100 = 0.000274

Daily interest on the principal is thus the multiplication of this value with principal (6000), that is:

0.000274 * 6000 = 1.644

From 16 May till 9 October would be:

16 May - 31 May = 15 days

1 June - 30 June = 30 days

1 July - 31 July = 31 days

1 Aug - 31 Aug = 31 days

1 Sep - 30 Sep = 30 days

1 Oct - 9 Oct = 9 days

Total Days is 15 + 30 + 31 + 31 + 30 + 9 = 146 days

Thus, total simple interest for 146 days would be:

1.644 * 147 = $240.02

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Find the simple interest on $6000 from 16 May 2010 to 9 October 2010 at 10 percent per annum​

Find the simple interest on $6000 from 16 May 2010 to 9 October 2010 at 10 percent per annum