Answer :
The simple interest is $6,240.00.
The term simple interest refers the interest that is only calculated on the initial sum borrowed or deposited.
Here we need to find the simple interest on $6000 from 16 may 2010 to 9 October 2010 at 10% per annum.
While we looking into the given question, we know te following values,
Principal amount = $6000
Time period = 16 may 2010 to 9 October 2010
The number of days between 16 may 2010 to 9 October 2010 is
=> 146 days.
Here we have the interest for 1 year,
So, the time period is written as,
And then we have to put time into years for simplicity,
146 days / 365 days/year = 0.4 years.
And the interest rate = 10%
Here we have to convert R percent to r a decimal
r = R/100 = 10%/100 = 0.1 per year.
Now, we have to apply the values on the formula, then we get by solving our equation:
A = 6000(1 + (0.1 × 0.4)) = 6240
A = $6,240.00
Therefore, the total amount accrued, principal plus interest, from simple interest on a principal of $6,000.00 at a rate of 10% per year for 0.4 years (146 days) is $6,240.00.
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