If Greg borrows $145 from the bank at 6.6% simple interest, how much interest does Greg owe if he pays back the money after 190 days?

Solutions

Expert Solution

Int = PTR

P = Principal

T = Time period

R = InT rate per anum

Assuming 365 days per anum

Int = $ 145 * 190 / 365 * 6.6%

= $ 4.98

Int owed for 190 days is $ 4.98

jeff jeffy answered 2 years ago

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