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Find the simple interest on $31,200 at 5.25% for 107 days. Assume 360 days in a year and 30 days in a month. The simple interest on $31,200 at 5.25% for 107 days is $. (Round to the nearest cent.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 5P

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Question

Find the simple interest on $31,200 at 5.25% for 107
days. Assume 360 days in a year and 30 days in a
month.
The simple interest on $31,200 at 5.25% for 107
days is $.
(Round to the nearest cent.)

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