Calculate the simple interest due in dollars on a 150-day loan of $4,600 if the annual interest rate is 4.25%. (Use 360 days in 1 year. Round your answer to the nearest cent.)
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Step 1
Daily interest rate = Annual interest rate / 360 Daily interest rate = 4.25% / 360 = 0.0425 / 360 = 0.0001180556 Show more…
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