Raimo borrowed $760 from Chris on October 10 and agreed to repay the debt with simple interest at the rate of 4.4% on May 11.

Question

How much interest was owed on May 11? Assume that February has 28 days. (Round your answer to the nearest cent.)

Answer 1

Check: I counted 213 days.

I = Po*r*t = 760*(0.04/365)*213 =

Answer 2

Correction: Change 0.04 to 0.044.

Answer 3

19.7296

Answer 4

$7122.72