document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1023310>Question 1023310</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Complete the following. Assume 360 days<BR>\n" );
document.write( "Principal $750, Rate(nearest tenth percent)12.2%, Time(nearest day)?, Simple interest $19.06 </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #639081 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=639081\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> simple interest is calculated according to the following formula.\r<BR>\n" );
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document.write( "i = p * r * n\r<BR>\n" );
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document.write( "i is the interest.<BR>\n" );
document.write( "p is the principal.<BR>\n" );
document.write( "r is the interest rate per time period.<BR>\n" );
document.write( "n is the number of time periods.\r<BR>\n" );
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document.write( "if your interest rate is in years, then your time period is also in years.\r<BR>\n" );
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document.write( "you have the following:\r<BR>\n" );
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document.write( "i = 19.06<BR>\n" );
document.write( "p = 750<BR>\n" );
document.write( "r = .122<BR>\n" );
document.write( "n = what you want to find.\r<BR>\n" );
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document.write( "plug these values in the formula and you get:\r<BR>\n" );
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document.write( "19.06 = 750 * .122 * n\r<BR>\n" );
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document.write( "solve for n to get n = 19.06 / (750 * .122).\r<BR>\n" );
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document.write( "this results in n = .208306011 years.\r<BR>\n" );
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document.write( "since n is in years, and each year is equal to 360 days, then convert your answer to days by multiplying n by 360 to get:\r<BR>\n" );
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document.write( "n = .208306011 * 360 = 74.99016393 days.\r<BR>\n" );
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document.write( "if your round this off to 75, then your answer is 75 days.\r<BR>\n" );
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document.write( "if n is in days, then the interest rate has to be per day as well.\r<BR>\n" );
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document.write( "divide .122 by 360 to get r = .000338889 per day.\r<BR>\n" );
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document.write( "when you assume days rather than years, the formula becomes:\r<BR>\n" );
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document.write( "i = 750 * .000338889 * 75 = 19.0625 which round to 19.06.\r<BR>\n" );
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document.write( "your solution is that you would get 19.06 interest in approximately 74.99016393 days which you can round off as required.\r<BR>\n" );
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document.write( "75 days seems reasonable to me.\r<BR>\n" );
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document.write( "your instructor might think otherwise.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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