SOLUTION: Hector Elizondo took out a 65-day loan of $7500 at an annual interest rate of 5.5%. Find the simple interest due on the loan. (Round your answer to the nearest cent.)

SOLUTION: Hector Elizondo took out a 65-day loan of $7500 at an annual interest rate of 5.5%. Find the simple interest due on the loan. (Round your answer to the nearest cent.)

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Question 1155532: Hector Elizondo took out a 65-day loan of $7500 at an annual interest rate of 5.5%. Find the simple interest due on the loan. (Round your answer to the nearest cent.)
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Interest = P * R *T
convert days to years years = 65/365
Interest = 7500*5.5% * (65/365)
= $73.5
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