Find the simple interest. Assume a 360 day year?

$8216.33 at 8.2% for 57 days 

The simple interest is $ ___

(Round to the nearest cent as needed)

3 Answers

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  • 1 month ago

    or ... 8216.33 x .082 x 57 / 360    to save a couple steps and possible errors

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  • Anonymous
    1 month ago

    Interest per day is 0.082 / 360 = 0.00022778

    Simple interest = $8216.33 * 0.00022778 * 57 = $106.68

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  • 1 month ago

    A year has 365 days this question should be nullified because it does not match the reality.

    • SumDude
      Lv 7
      1 month agoReport

      Bankers used a 360 day year for decades before computers came along.

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