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

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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) About Me  (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