Question

How much simple interest would $800 earn in 300 days at an interest
rate of 1.71%?

Answer 1

Simple Interest is defined as the interest that would be accumulated on a particular sum of money, loan, or investment kept or obtained from a financial institution.

The simple interest is $11.24

The formula for simple interest is given as:

I = P x R x T

Where

I = Simple Interest

P = Principal = $800

R = Interest rate = 1.71% = 0.0171

T = Time in years = 300 days

• Step 1: We have to convert from days to a year

365 days = 1 year

300 days = ?

Cross Multiply

300 days x 1 year / 365 days

= 0.822 year

• Step 2: We find the Simple Interest

I = $800 x 0.0171 x 0.822

I = $11.24

Therefore, the simple interest is $11.24

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