Determine the simple interest. p= $41, 864, r =0 .0375% per day, t = 60 days

The total simple interest interest is given by the formula below:

I = p*r*t/100

Where:

I = Total simple interest

p = Principal amount taken on loan

r = Rate of interest payable on loan expressed as percentage of the principle for a single time period. Generally the time period used for specifying the rate of interest is one year, but other periods can also be used. In the given question the interest rate is specified in terms of days.

t = Duration or time period of the loan. This should be in the same units as used for specifying the interest rate.

It is given:

p = $41864

r = 0.0375 % per day

t = 60 days

Substituting the given values in formula for simple interest we get:

Interest = 41864*0.037*60/100 = 941.94

Answer:

Simple Interest = $941.94