Question

1. A capital of $3,831 was lent, and it has produced interest of $840 from 05-12-2022 to 1-12-2023. At what annual simple interest rate was the capital lent?

100

likes500 views

Nash

4.9

49 Answers

Find the number of days from 05-12-2022 to 1-12-2023.
May, 2022: 19 days
June, 2022: 30 days
July, 2022: 31 days
August, 2022: 31 days
September, 2022: 30 days
October, 2022: 31 days
November, 2022: 30 days
December, 2022: 31 days
January, 2023: 12 days
So, there are a total of 245 days from 05-12-2022 to 01-12-2023.
Find the simple interest rate using the formula written below.
I=\frac{Prt}{365}
Where I is the simple interest, P is the principal amount, r is the annual simple interest rate and t is the number of days.
Plug in the given values.
840=\frac{3831\times r\times245}{365},
r\approx0.3267\approx32.67\%

Frequently asked questions (FAQs)

What is the speed in meters per second if a car travels a distance of 500 meters in 50 seconds?

+

What is the surface area of a rectangular prism with length 5ft, width 3ft, and height 4ft?

+

What is the value of the square root of 36 when evaluated using the characteristic of the square root function as its graphical representation?

+

New questions in Mathematics