SOLUTION: Calculate the simple interest on ₦14,600 from 6 March 2012 to 19 May 2012 (inclusive) at 7% per annum. (Use a calendar to find the number of days in March and April)

Question 1204934: Calculate the simple interest on ₦14,600 from 6 March 2012 to 19 May 2012 (inclusive) at 7% per annum. (Use a calendar to find the number of days in March and April)
Found 2 solutions by ikleyn, mananth:
Answer by ikleyn(52835)   (Show Source): You can put this solution on YOUR website!
.

First, calculate the number of days " d " from 6 March 2012 to 19 May 2012.

Remember that Match has 31 day, while April has 30 days.

After that, use the formula I = for the simple interest.

I use the number 366 here, because the year 2012 is a leap year.

I hope these instructions are enough for you to complete the rest on your own.

Happy calculations (!)

------------------------

To see many other solved problems on simple interest accounts, look into the lesson
    - Simple interest percentage problems
in this site.

Learn the subject from there.

Answer by mananth(16946)   (Show Source): You can put this solution on YOUR website!
Calculate the simple interest on ₦14,600 from 6 March 2012 to 19 May 2012 (inclusive) at 7% per annum. (Use a calendar to find the number of days in March and April)
first we have to find the number of days the money was deposited
from 6 March 2012 to 19 May 2012
March 26 days
April 30 days
May 19 days
75 days
P=14600
r= 7% =0.7
It is divisible by 4 . So it is a leap year 366 days
years = 75/366
I = 14600*0.07*(75/366) =209.43 Niara

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