Problem

Determine the simple interest. (Assume 360 days in a year.)
\[
p=\$ 633, r=0.053 \% \text { per day, } t=6 \text { months }
\]

The simple interest on $\$ 633$ at $0.053 \%$ per day for 6 months is $\$$. (Round to the nearest cent.)

Answer

Expert–verified
Hide Steps
Answer

\(\boxed{\$60.39}\) is the simple interest on $633 at 0.053% per day for 6 months.

Steps

Step 1 :Given the principal amount (P) is $633, the rate of interest (R) is 0.053% per day, and the time period (T) is 6 months.

Step 2 :Since the rate is given per day, we need to convert the time period to days. Assuming 360 days in a year, 6 months would be 180 days.

Step 3 :Substitute P = 633, R = 0.00053 (0.053% expressed as a decimal), and T = 180 into the simple interest formula I = PRT.

Step 4 :Calculate the simple interest: I = 633 * 0.00053 * 180 = 60.388200000000005.

Step 5 :Round the simple interest to the nearest cent: $60.39.

Step 6 :\(\boxed{\$60.39}\) is the simple interest on $633 at 0.053% per day for 6 months.

link_gpt