Answer to Question #281090 in Civil and Environmental Engineering for Wena

Question #281090

Determine the exact simple interest of 5,000 pesos for the period from jan. 15 to Nove. 28,1992, if the rate of interest is 22%

1
Expert's answer
2021-12-20T17:01:07-0500

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

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