424127 PM CALCULATING INTEREST sing 360 days as he denominat

4241:27 PM CALCULATING INTEREST sing 360 days as he denominator, caleulate interest for lhe fullowin notes using lhe rurmulu ] = Principal Rate Time Inter 5,000 6.00% 1.00k) 60 1.30) 8.00 120 i.8D 95 1.250 102 2.900 .00 579 Fa.re:

Solution

Introduction:

This problem pertains to calculation of interest(I). The formula for calculation of interest is

I = P* R * T

where P = Principal

R= Rate of interest

T=Time

Solution:

Notes for understanding

I have numbered the columns as A,B,C and have calculated interest as A*B*C/360 (I have divided by 360 as the total time given in the question is 360) which means

1. 85000*6%*30/360 = 425

In case you are using a calculator you can directly use % in calculator or else you will have to divide the interest rate by 100 i.e

85000*6/100*30/360 = 425

Particulars	Principal	Rate	Time	Interest
Column No	A	B	C	(A*B*C/360 days)
1	85000	6%	30	425
2	1000	7.50%	60	12.5
3	4500	8%	120	120
4	950	6.80%	95	17.04722
5	1250	7.25%	102	25.67708
6	2900	7%	90	50.75