SOLUTION: Find the interest on the following amounts using 6%-6 day method: 1. P6,500 at 6% for 54 days 2. P1,500 at 6% for 120 days

Question 1189971: Find the interest on the following amounts using 6%-6 day method:
1. P6,500 at 6% for 54 days
2. P1,500 at 6% for 120 days
Found 2 solutions by Alan3354, math_tutor2020:
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
I don't know the 6% 6 day method, and I am not interested in learning it.
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PS I'm not embarrassed.
Answer by math_tutor2020(3817) (Show Source): You can put this solution on YOUR website!

Alan if you don't know the answer, then don't bother responding. You're wasting everyone's time. It's honestly an embarrassment.

The 6%-6 day method is where $1,000 is going to generate 1 dollar of simple interest over the course of 6 days (the convention is to use a 360 day year) at an interest rate of 6%.

Notice how
i = P*r*t
i = 1000*0.06*(6/360)
i = 1

So for $6500, we'll have 6.50 dollars in simple interest over the course of 6 days. Over the course of 54 days, you'll earn 54/6 = 9 times as much.

Overall, 9*6.50 = 58.50 dollars is earned in simple interest over the course of 54 days.

Effectively we just computed the following
i = P*r*t
i = 6500*0.06*(54/360)
i = 58.50

Problem 2 is going to follow the same type of steps.

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