Answer to Question #281090 in Civil and Environmental Engineering for Wena

Question

Determine the exact simple interest of 5,000 pesos for the period from jan. 15 to Nove. 28,1992, if the rate of interest is 22%

Answer 1

Given: 

P= P5, 000 

i= 22% 

Solution: 

January 15= 16 (excluding Jan.15) 

February = 29 

March = 31 

April = 30 

May = 31 

June = 30 

July = 31 

August = 31 

September = 30 

October = 31 

November 28 = 28 /318 days(including Nov.28) 

Exact simple interest = Pin 

=5000×318∕366×0.22

=P955.74

Answer: P955.74