Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 360 days in a year.)
-p = $275, r = 0.055% per day, t = 99 days
A) $15.13
B) $14.97
C) $14.82
D) $0.04

Question

Quizplus · Accepted Answer

The simple interest can be calculated using the formula I = PRT, where I is the interest, P is the principal amount ($275), R is the rate (0.055% per day, or 0.00055 in decimal form), and T is the time in days (99 days). So, I = $275 * 0.00055 * 99 = $14.9625, which rounds to $14.97.

Find the Simple Interest