Question

determine the simple interest. (assume 360 days in a year )
p = $681, r = 0.046% per day, t = 12 months

the simple interest on $681 at 0.046% per day for 12 months is $\square
(round to the nearest cent.)

Explanation:

Step1: Convert time to days

Since 12 months = 1 year, and 1 year = 360 days, so $t = 360$ days.

Step2: Convert rate to decimal

$r = \frac{0.046}{100} = 0.00046$

Step3: Apply simple interest formula

Simple interest formula is $I = P \times r \times t$. Substitute values:
$I = 681 \times 0.00046 \times 360$
First calculate $681 \times 0.00046 = 0.31326$
Then calculate $0.31326 \times 360 = 112.7736$

Step4: Round to nearest cent

Round $112.7736$ to two decimal places, which is $112.77$.

Answer:

$\$112.77$