Explanation Given Information: The loan amount is $ 2 , 800 , the annual rate is 10 % , and the time period is 270 days. Formula Used: Steps to convert the days to a decimal part of the year by using ordinary interest: Step1: Write the number of days as a numerator and 360 in the denominator of fraction. Step 2: To get the decimal part of the year, divide the numerator to the denominator. Steps to compute the amount of simple interest by using the simple interest formula: Step1: Identify the principal ( P ) , rate ( R ) , and time ( T ) and Interest ( I ) . Step2: Use the simple interest formula, I = P R T Calculation: Consider that the loan amount is $ 2 , 800 , the annual rate is 10 % , and the time period is 270 days. Thus, P = $ 2 , 800 and R = 10 %

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ISBN: 8220103632072

Author: NOBLE

Publisher: Pearson Education (US)

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Chapter 11, Problem 9PT

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To calculate: The amount of simple interest of the loan amount $2,800 at the annual rate of 10% for the time period of 270 days.

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Chapter 11, Problem 8PT

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The amount of simple interest of the loan amount $ 2 , 800 at the annual rate of 10 % for the time period of 270 days.

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To calculate: The amount of simple interest of the loan amount $2,800 at the annual rate of 10% for the time period of 270 days.

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