Exact Simple interest

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Exact Simple interest

determine the exact simple interest on php 50,000 for the period from january 1 to august 8, 2008 if the rate of interest is 8%

Romel Verterra's picture
First check if the year 2008

First check if the year 2008 is a leap year or not

2008 / 4 = 502 (2008 is a leap year)

Count the number of days from January 1 to August 8, 2008

January = 31
February = 29
March = 31
April = 30
May = 31
June = 30
July = 31
August = 8
Total No. of Days = 221

$I = Prt$

$I = 50,000(0.08)\left( \dfrac{221}{366} \right)$

$I = \text{P}2,415.30$

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