Question

determine the simple interest. assume 360 days in a year.
p = $39,484, r = 0.0375% per day, t = 120 days
the simple interest is $\square.
(do not round until the final answer. then round to the nearest cent as needed.)

Explanation:

Step1: Convert rate to decimal

$r = \frac{0.0375}{100} = 0.000375$

Step2: Apply simple interest formula

Simple Interest $I = p \times r \times t$
$I = 39484 \times 0.000375 \times 120$

Step3: Calculate intermediate product

$39484 \times 0.000375 = 14.8065$

Step4: Compute final interest

$14.8065 \times 120 = 1776.78$

Answer:

$\$1776.78$