A day full of math games & activities. Find one near you.
A day full of math games & activities. Find one near you.
A day full of math games & activities. Find one near you.
A day full of math games & activities. Find one near you.
Find the interest due to the bank on a loan of $1,000 at 7.5% for 280 days.
Solution:
Given, loan amount, P = $1000
Rate of interest, r = 7.5%
Number of time periods, n = 280 days
n = 280/365 years
We know, simple interest, I = (P × n × r)/100
I = (1000 × (280/365) × 7.5)/100
I = $57.53
Therefore, the interest due to the bank is $57.53.
Example: Find the interest due to the bank on a loan of $2,000 at 8% for 2 years.
Solution:
Given, loan amount, P = $2000
Rate of interest, r = 8%
Number of time periods, n = 2 years
We know, simple interest, I = (P × n × r)/100
I = (2000 × 2 × 8)/100
I = $320
Therefore, the interest due to the bank is $320
Find the interest due to the bank on a loan of $1,000 at 7.5% for 280 days.
Summary:
The interest due to the bank on a loan of $1,000 at 7.5% for 280 days is $57.53
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