the principal p is borrowed at a simple interest rate r for a period of time t. find the simple interest…

the principal p is borrowed at a simple interest rate r for a period of time t. find the simple interest owed for the use of the money. assume 365 days in a year.\np = $17,000, r = 8%, t = 60 days\n\nthe simple interest owed for the use of the money is $□.\n(do not round until the final answer. then round to the nearest cent as needed.)

the principal p is borrowed at a simple interest rate r for a period of time t. find the simple interest owed for the use of the money. assume 365 days in a year.\np = $17,000, r = 8%, t = 60 days\n\nthe simple interest owed for the use of the money is $□.\n(do not round until the final answer. then round to the nearest cent as needed.)

Answer

Explanation:

Step1: Recall the simple interest formula

The formula for simple interest ( I ) is ( I = P \times r \times t ), where ( P ) is the principal, ( r ) is the annual interest rate (in decimal form), and ( t ) is the time in years. First, convert the interest rate ( r = 8% ) to decimal form: ( r=\frac{8}{100}=0.08 ). Then, convert the time ( t = 60 ) days to years. Since there are 365 days in a year, ( t=\frac{60}{365} ) years.

Step2: Substitute the values into the formula

Substitute ( P = 17000 ), ( r = 0.08 ), and ( t=\frac{60}{365} ) into the formula ( I = P \times r \times t ): [ I=17000\times0.08\times\frac{60}{365} ] First, calculate ( 17000\times0.08 = 1360 ). Then, calculate ( 1360\times\frac{60}{365}=\frac{1360\times60}{365}=\frac{81600}{365}\approx223.5616438 ]

Answer:

( 223.56 ) (rounded to the nearest cent)