SOLUTION: calculate the simple interest on N14600 from 6th march 2012 to 19th may 2012(inclusive) at 7% p.a

Question 1127742: calculate the simple interest on N14600 from 6th march 2012 to 19th may 2012(inclusive) at 7% p.a
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
Prt = simple interest, where:
P = principal (in your case 14600)
r = rate of interest (in your case 7% per annum)
t = time (in your case it's number of days)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Assuming a 365 day year (for interest purposes some countries' banks use 360, if this applies to your country, then replace 365 with 360)
:
0.07/365 = 0.0001918 multiply this number times the number of days to find the simple interest
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