Question 1 of 7
This quiz: 7 point(s) possible
This question: 1 point(s) possible
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.
\[
P=\$ 6000, r=7.5 \%, t=9 \text { months }
\]
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.)
Answer
\(\boxed{337.50}\) is the simple interest owed for the use of the money.
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 ：\(\boxed{337.50}\) is the simple interest owed for the use of the money.
