Loan Duration 1 day 14 days 30 days Interest Owed $2.72 $37.88 $75.26 (a) Using the interest owed on a 1-day loan, find the equivalent annual simple interest rate for the loan. Use a 365-day year. Round answers to

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A: please see the next step for solution

Q: Find the simple interest. Assume the rate is an annual rate. Assume 360 days in a year. Principal…

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Q: The principal represents an amount of money deposited in a savings account subject to compound…

A: Given Data: The principle deposited amount is: P=$6000 The rate of interest is: r=8% The time period…