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The principal $P$ is borrowed at a simple interest rate $r$ for a period of time $t$ . Find the simple interest owed for the use of the money. Assume 365 days in a year.
$P = $ 6000, r = 7.5 %, t = 9 months$
The simple interest owed for the use of the money is $$$
(Do not round until the final answer. Then round to the nearest cent as needed.)

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Answer

$337.50$ is the simple interest owed for the use of the money.

Steps

Step 1 ：Given the principal amount (P) is $6000, the rate of interest (r) is 7.5% per annum, and the time period (t) is 9 months.

Step 2 ：First, we need to convert the rate of interest into a fraction and the time into years. So, r = 7.5/100 = 0.075 and t = 9/12 = 0.75.

Step 3 ：Then, we substitute these values into the formula for simple interest, which is I = P*r*t.

Step 4 ：Substituting the values, we get I = 6000 * 0.075 * 0.75 = 337.5.

Step 5 ： $337.50$ is the simple interest owed for the use of the money.