Explore Westonci.ca, the premier Q&A site that helps you find precise answers to your questions, no matter the topic. Get quick and reliable answers to your questions from a dedicated community of professionals on our platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
Sagot :
$6.25 of interest will be earned every 30 days.
Given,
Borrowing amount = $250
Simple interest = 2.5%
No. of days = 30 days
A month equals 30 days and so earning due to interests will be only effective after each 30th day. The simple interest formula is used here in order to calculate the interest.
[tex]I=\frac{P*R*T}{100}[/tex]
Here,
P - borrowed money.
R - simple interest rate.
T - no. of periods.
I - interested gain due to borrowed money.
So, if P = $250, R = 2.5%, and T = 1, then the interest earned is:
[tex]I= \frac{(250)*(2.5)*(1)}{100}[/tex]
[tex]I=\frac{625}{100}[/tex]
[tex]I= 6.25[/tex]
Hence, $6.25 of interest will be earned every 30 days.
To learn more about interest here:
https://brainly.com/question/25845758
#SPJ4
Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.
