The problem states find the simple interest . Assume a 360 day year. Round result.
$17000 at 9% for 119 days.
So,
I know i have to use the formula
I=Prt
so my p = 17000; r = 0.09; t= ? how do iwrite out time if it has 119 days and the t needs to be in years....
time will be 119/360 years, a fraction.
You'll need to find out what part of a year 119 days are. Divide 119 by 365 and you'll get 0.326. (That tells us that 119 days is almost 1/3 of a year.)
I = 17,000 x .09 x .326
Correction -- I forgot that you said to use a 360 day year.
Your decimal should be 0.33
So, what i get for interest would be
504.90 should i leave it as is or do i round it tobe:
505 flat
Since this is money, and banks (and their customers) want to be accurate, your answer is that the interest is $504.90. The bank wouldn't be happy if you took ten cents from it. <g>
The problem is not clear on how to round, to what place. Normally, dealing with interest, you round to the nearest cent. That is what the Bank does. But the real problem is that I don't get what you got.
17000 x .09 x 119 /360 = ?
whoops should it be 505.75 and after rounding it would be 505.80
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