Points: 0 of 1
Save
Determine the simple interest. (The rate is an annual rate unless otherwise stated. Assume 360 days in one year.)
\[
\mathrm{p}=\$ 575, \mathrm{r}=8.25 \%, \mathrm{t}=30 \text { days }
\]
The simple interest is $\$ \square$. (Fुound to the nearest cent as needed.)
Answer
\(\boxed{\$3.95}\) is the simple interest.
Step 1 ：Given that the principal amount (P) is $575, the rate of interest (R) is 8.25% or 0.0825 in decimal form, and the time (T) is 30 days or 0.08333 in years (assuming 360 days in a year).
Step 2 ：The formula for simple interest is given by \(I = PRT\), where I is the interest.
Step 3 ：Substitute the given values into the formula to find the interest: \(I = 575 * 0.0825 * 0.08333\).
Step 4 ：Calculate the above expression to find the value of I.
Step 5 ：\(I = 3.953125\)
Step 6 ：Round the final answer to the nearest cent.
Step 7 ：\(\boxed{\$3.95}\) is the simple interest.
