Principal. Time. Rate
470. 40 days. 10%
Whats the interest?
2 answers:
Step-by-step explanation:
Interest can be calculated by formula,
» I = Prt
where,
- p = principal
- r = annual interest rate
- t = time (yrs)
<u>Given:</u>
- Principal - 470
- Rate - 10%
- time - 40 days
<u>To find:</u>
<u>Solution:</u>
Time in yrs so :- 40/365 = 8/73
Rate :- 10/100
Calculating Interest
» I = 470* 8/73* 10/100
» I = 47* 8/73
» I = 5.15
Interest is calculated monthly here
- Months=1+1/3=4/3months
- P=470
- R=10
Interest:-
- I=PRT/100
- I=470(4/3)(9)/100
- I=47(12)/10
- I=47(6)/5
- 56.5$
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