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Compute the amount of interest on $835 at 7.5% from October 8, 2019, to August 4, 2020.

A. $60.87
B. $61.88
C. $62.50
D. $60.03

Answer :

Final answer:

The amount of simple interest accrued on $835 at a rate of 7.5% from Oct 8, 2019, to August 4, 2020, is $61.88. This is calculated using the formula I = PRT and taking into account the specific time period in years.

Explanation:

To compute the amount of simple interest on $835 at 7.5% from Oct 8, 2019, to August 4, 2020, we need to use the formula for simple interest, which is I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years.

First, we convert the interest rate from a percentage to a decimal by dividing by 100. That gives us 0.075. Next, we need to calculate the exact time period in years. From Oct 8, 2019, to August 4, 2020, is 300 days (assuming 30 days for each full month and 4 days for partial August). As there are 365 days in a year, we convert the period of 300 days into years, which gives us approximately 0.822 years (300/365).

Now we can calculate the interest:

  1. I = PRT = $835 * 0.075 * 0.822
  2. I = $61.88 approximately

Therefore, the amount of interest accrued is $61.88, which corresponds to option B.

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Rewritten by : Jeany

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