SOLUTION: PLZ SOLVE THIS Raimo borrowed $860 from Chris on October 18 and agreed to repay the debt with simple interest at the rate of 5.4% on May 21.How much interest was owed on May 21?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: PLZ SOLVE THIS Raimo borrowed $860 from Chris on October 18 and agreed to repay the debt with simple interest at the rate of 5.4% on May 21.How much interest was owed on May 21?      Log On

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Question 1015223: PLZ SOLVE THIS
Raimo borrowed $860 from Chris on October 18 and agreed to repay the debt with simple interest at the rate of 5.4% on May 21.How much interest was owed on May 21? Assume that February has 28 days. (Round your answer to the nearest cent.)
Answer by FrankM(1040) About Me  (Show Source):
You can put this solution on YOUR website!
One year later? He'd owe $860 * 1.054 = $906.44
Is your question missing the years?