SOLUTION: Raimo borrowed $870 from Chris on October 17 and agreed to repay the debt with simple interest at the rate of 5.5% on May 22. How much interest was owed on May 22? Assume that

SOLUTION: Raimo borrowed $870 from Chris on October 17 and agreed to repay the debt with simple interest at the rate of 5.5% on May 22. How much interest was owed on May 22? Assume that

Algebra.Com

Question 1126480: Raimo borrowed $870 from Chris on October 17 and agreed to repay the debt with simple interest at the rate of 5.5% on May 22.

How much interest was owed on May 22? Assume that February has 28 days. (Round your answer to the nearest cent.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
That is 217 days of (217/365) or 0.595 of a year
interest was prt or $870*0.055*0.595=$28.47 ANSWER

RELATED QUESTIONS
PLZ SOLVE THIS Raimo borrowed $860 from Chris on October 18 and agreed to repay the... (answered by FrankM)

Please help me with the homework. 1. Ben owes 500 due in eight months. For each of the (answered by parmen)

Linda borrowed $1000 from her friend and agreed to repay her in a year with 5% intrest.... (answered by stanbon)

if paul borrowed $1000 and took 5 years to repay the loan and $1800 interest. what was... (answered by amarjeeth123)

Michael borrowed $445 from his parents to make some repairs on his car. He promised to... (answered by Boreal)

Please help with the homework below. 1. Ben owes R500 due in eight months. For each of... (answered by ikleyn)

douglas borrowed $1000 from patricia. he agreed to repay her $1150 after 3 years. what... (answered by 428225)

Kindly requesting your help about homework. 1. Marry owes 500 due in eight months, for... (answered by ElectricPavlov)

A realtor borrowed $80,000 to develop some property. He was able to borrow part of the... (answered by greenestamps)