Math / Numbers & Operations

Question $p=5650, r=8.25 \%, t=60 \text { days }$
The simple interest is $\$$ $\square$ (Round to the nearest cent as needed.)

Studdy Solution

STEP 1

What is this asking? How much interest will we earn on a principal of $\$5650$ at a rate of $8.25\%$ per year over $60$ days? Watch out! The interest rate is yearly, but the time is in days, so we need to convert one of them!
Also, don't forget to round to the nearest cent at the end.

STEP 2

1. Convert the time to years.
2. Calculate the simple interest.

STEP 3

We're given the time in days, but the interest rate is yearly.
To make these match, let's convert the $60$ days into years.
Since there are $365$ days in a year, we can divide the $60$ days by $365$ to get the time in years:
$t = \frac{60}{365} \text{ years}$

STEP 4

We'll keep it as a fraction for now to avoid rounding errors.
We want to be as precise as possible until the very end!

STEP 5

Now, we can use the simple interest formula:
$I = p \cdot r \cdot t$ Where: $I$ is the simple interest we want to find, $p$ is the principal amount ( $\$5650$ ), $r$ is the annual interest rate ( $8.25\%$ ), and $t$ is the time in years ( $\frac{60}{365}$ ).

STEP 6

Let's plug in our values:
$I = 5650 \cdot 0.0825 \cdot \frac{60}{365}$ Remember to convert the percentage to a decimal by dividing by $100$ ! $8.25\% = 0.0825$ .

STEP 7

Now, we calculate:
$I = 5650 \cdot 0.0825 \cdot \frac{60}{365} \approx 76.76712328767$

STEP 8

Finally, we round to the nearest cent:
$I \approx \$76.77$

STEP 9

The simple interest earned is approximately $\$76.77$ .

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Question $p=5650, r=8.25 \%, t=60 \text { days }$
The simple interest is $\$$ $\square$ (Round to the nearest cent as needed.)

Studdy Solution

STEP 1

What is this asking? How much interest will we earn on a principal of $\$5650$ at a rate of $8.25\%$ per year over $60$ days? Watch out! The interest rate is yearly, but the time is in days, so we need to convert one of them!
Also, don't forget to round to the nearest cent at the end.

STEP 2

1. Convert the time to years.
2. Calculate the simple interest.

STEP 3

We're given the time in days, but the interest rate is yearly.
To make these match, let's convert the $60$ days into years.
Since there are $365$ days in a year, we can divide the $60$ days by $365$ to get the time in years:
$t = \frac{60}{365} \text{ years}$

STEP 4

We'll keep it as a fraction for now to avoid rounding errors.
We want to be as precise as possible until the very end!

STEP 5

Now, we can use the simple interest formula:
$I = p \cdot r \cdot t$ Where: $I$ is the simple interest we want to find, $p$ is the principal amount ( $\$5650$ ), $r$ is the annual interest rate ( $8.25\%$ ), and $t$ is the time in years ( $\frac{60}{365}$ ).

STEP 6

Let's plug in our values:
$I = 5650 \cdot 0.0825 \cdot \frac{60}{365}$ Remember to convert the percentage to a decimal by dividing by $100$ ! $8.25\% = 0.0825$ .

STEP 7

Now, we calculate:
$I = 5650 \cdot 0.0825 \cdot \frac{60}{365} \approx 76.76712328767$

STEP 8

Finally, we round to the nearest cent:
$I \approx \$76.77$

STEP 9

The simple interest earned is approximately $\$76.77$ .

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Questionp=5650,r=8.25%,t=60 days p=5650, r=8.25 \%, t=60 \text { days }p=5650,r=8.25%,t=60 days The simple interest is $\$$ □\square□ (Round to the nearest cent as needed.)

Studdy Solution

STEP 1

STEP 2

1. Convert the time to years.2. Calculate the simple interest.

STEP 3

STEP 4

We'll keep it as a fraction for now to avoid rounding errors.We want to be as precise as possible until the very end!

STEP 5

STEP 6

Let's **plug in** our values:I=5650⋅0.0825⋅60365I = 5650 \cdot 0.0825 \cdot \frac{60}{365}I=5650⋅0.0825⋅36560​Remember to convert the percentage to a decimal by dividing by 100100100! 8.25%=0.08258.25\% = 0.08258.25%=0.0825.

STEP 7

Now, we **calculate**:I=5650⋅0.0825⋅60365≈76.76712328767I = 5650 \cdot 0.0825 \cdot \frac{60}{365} \approx 76.76712328767I=5650⋅0.0825⋅36560​≈76.76712328767

STEP 8

Finally, we **round to the nearest cent**:I≈$76.77I \approx \$76.77I≈$76.77

STEP 9

The simple interest earned is approximately $76.77\$76.77$76.77.

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Studdy solves anything!

Start learning now

Download Studdy AI Tutor now. Learn with ease and get all help you need to be successful at school.

Question $p=5650, r=8.25 \%, t=60 \text { days }$
The simple interest is $\$$ $\square$ (Round to the nearest cent as needed.)

1. Convert the time to years.
2. Calculate the simple interest.

We'll keep it as a fraction for now to avoid rounding errors.
We want to be as precise as possible until the very end!

Let's plug in our values:
$I = 5650 \cdot 0.0825 \cdot \frac{60}{365}$ Remember to convert the percentage to a decimal by dividing by $100$ ! $8.25\% = 0.0825$ .

Now, we calculate:
$I = 5650 \cdot 0.0825 \cdot \frac{60}{365} \approx 76.76712328767$

Finally, we round to the nearest cent:
$I \approx \$76.77$

The simple interest earned is approximately $\$76.77$ .