SOLUTION: Kristi Yang borrowed $18,000. The term of the loan was 60 days, and the annual simple interest rate was 7.1%. Find the simple interest due on the loan. (Round your answer to the ne

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: Kristi Yang borrowed $18,000. The term of the loan was 60 days, and the annual simple interest rate was 7.1%. Find the simple interest due on the loan. (Round your answer to the ne      Log On


   

Question 1155533: Kristi Yang borrowed $18,000. The term of the loan was 60 days, and the annual simple interest rate was 7.1%. Find the simple interest due on the loan. (Round your answer to the nearest cent.)
Found 2 solutions by mananth, ikleyn:
Answer by mananth(16949) About Me  (Show Source):
You can put this solution on YOUR website!

SI = P * R * t
P=18000
R=7.1% = 0.071
T = 60 days = (60/365) years
Plug values
18000 * 0.071* (60/365)
= 210
Interest = $ 210

Answer by ikleyn(53742) About Me  (Show Source):
You can put this solution on YOUR website!
.
Kristi Yang borrowed $18,000. The term of the loan was 60 days, and the annual simple interest rate was 7.1%.
Find the simple interest due on the loan. (Round your answer to the nearest cent.)
~~~~~~~~~~~~~~~~~~~~~~~~~~~


        The assignment requires the answer to the nearest cent.
        @mananth failed this request and rounded to the nerest dollar.
        See my correct calculations below.


SI = P * R * t
P = 18000
R = 7.1% = 0.071
T = 60 days = (60/365) years

Plug values

18000 * 0.071 * (60/365) = 210.0822

Interest = $ 210.08 to the nearest cent.         ANSWER


So, @mananth either does not read the assignment to the end, or his code makes rounding
based on its own rules that @mananth does not control to the end - and then @mananth does not read/look at the output of his code.