The interest accrued on $7,500 at 6% for 90 days is: (Use 360 days a year.)

Solution:

The simple interest on a sum P is calculated by the relationship:

SI = simple interest = (P × R ×T)/100

Where P = principal = $7500

R = annual rate of interest = 6%

T = time in years = 90/360 = 1/4

Simple Interest = (7500 × 6 × 1)/(4 × 100)

= (75 × 3) /2

= 225 × 2

= $112.50

The interest accrued on $7,500 at 6% for 90 days is: (Use 360 days a year.)

Summary:

The interest accrued on $7,500 at 6% for 90 days is $ 112.50