Question

Determine the simple interest. The rate is an annual rate. Assume 360 days in a year.
p = $390, r=6.25%, t = 2.75 years
HERE
The simple interest is $0
(Round to the nearest cent as needed.)

Answer 1

9514 1404 393

Answer:

  $67.03

Step-by-step explanation:

The interest formula is ...

  I = Prt

Using the given values, we have ...

  I = $390·0.0625·2.75 = $67.03125 ≈ $67.03

The simple interest is $67.03.

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Additional comment

Here, the time period is given in years. The number of days per year is only relevant if the time period is given as a number of days or other sub-unit of a year.