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Simple Interest Calculation

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Questions and Answers

What is the exact simple interest on a 214-day loan of $15,000 at 7%?

$I = P \cdot r \cdot t \Rightarrow I = 15000 \cdot 0.07 \cdot 365 = 615.52$

What is the ordinary simple interest on a 90-day loan of $8000 at 8.5%?

Exact interest: $I = P \cdot r \cdot t \Rightarrow I = 8000 \cdot 0.085 \cdot 365 = 167.67$; Ordinary interest: $I = P \cdot r \cdot t \Rightarrow I = 8000 \cdot 0.085 \cdot 360 = 170$

What is the total amount after one year for a 214-day loan of $15,000 at 7% interest?

The total amount, S, can be found using the formula $S = P \left(1 + rt\right) = 15000 \left(1 + 0.07 \cdot \frac{214}{365}\right) = 15615.52$

What is the total number of days from April 7 to November 7?

<p>Total days = 214 (from April 7) + 31 (May) + 30 (June) + 31 (July) + 31 (August) + 30 (September) + 31 (October) + 7 (November) = 214 + 30 + 31 + 31 + 31 + 30 + 31 + 7 = 205</p> Signup and view all the answers

What was the annual interest rate for a loan of $100 to be repaid with $120 at the end of one month?

<p>The annual interest rate, $r$, can be found using the formula $I = P \cdot r \cdot t$, where $I = 120 - 100 = 20$ and $t = 1$. So, $r = \frac{I}{P \cdot t} = \frac{20}{100 \cdot 1} = 0.2$ or 20%</p> Signup and view all the answers