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?

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63 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\%

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