Answer to Question #233732 in Civil and Environmental Engineering for Alan Enrico V Tuib

Question

Determine the exact simple interest on P5, 000 for the period from Jan.15 to Nov.28, 1992, if the rate of interest is 22%.

Answer 1

Given:

P= P5, 000

i= 22%

Solution:

January 15= 16 (excluding Jan.15)

February = 29

March = 31

April = 30

May = 31

June = 30

July = 31

August = 31

September = 30

October = 31

November 28 = 28 /318 days(including Nov.28)

Exact simple interest = Pin

=5000×318∕366×0.22

=P955.74

Answer: P955.74