Question

If I loaned a friend $256.Given that my friend repays this amount in 4 weeks at 3.2% simple interest, determine the interest I made,and correct your answer to 2 significant figures.

Answer 1

Solution :-

→ Loaned sum = P = $ 256

→ Time = T = 4 weeks = 28 days = (28/365) years

→ Rate = R = 3.2 % per annum .

So,

→ SI = (P * R * T)/100 = (256 * 3.2 * 28)/(365 * 100)

→ SI ≈ $ 0.63 .

therefore, Interest made by me is equal to $ 0.63 .

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