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this is the question:Kristi Yang borrowed $10,000. The term of the loan was 60 days, and the annual simple interest rate was 8.7%. Find the simple interest due on the loan. (Round your answer to the nearest cent.)
Since she has the loan for just 60 days, then she has it for 60/365 years. So she pays 60/365 * 8.7% interest. So, to calculate the total interest she needs to pay, you have 60/365 * 0.087 * 10000 this gives an answer of $143.01369863... Round this to the nearest cent gives $143.01
I = Prt
I = interst in dollars
P = price
r = interest rate
t = time in years
I = (10000)(0.087)(t)
Convert 60 days to years.
60 days * (1 year/365 days) = 0.164 year
I = (10000)(0.087)(0.164)
I = $142.68
I believe the nearest "cent" is two decimal places, so that is what I did
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yes, 2 decimal places
crap, I typed in the wrong number for the interest
thank you scary door and brinethery it took 143.01 as the answer
Thank you Dockworker
brinethery, you should include the full thing to avoid roundoff error. For example, the 60 days is 0.1643835... of a year. So if you round that off and then use it again to get the final answer, then you'll be introducing unnecessary error. Whereas, in your final calculation you could just use 60/365 instead of 0.164, and it will be more accurate.
lol that's the user name for that person i just copied and pasted it :)
uhh these round up questions are just so confusing to me :(