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
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-> 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
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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.) Answer by mananth(16946) (Show Source):
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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
