choose the correct answer.

find the interest due on \$950.00 at 13\% for 120 days.

= \$

options:
47.71
42.17
41.17

Question

choose the correct answer.

find the interest due on \$950.00 at 13\% for 120 days.

= \$

options:
47.71
42.17
41.17

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [ "Bankers Interest" ], "new_concepts": [ "Ordinary Simple Interest" ], "current_concepts": [ "Bankers Interest", "Ordinary Simple Interest" ] } ## Identify the given values $$ \begin{aligned} P &= \$950.00 \ r &= 13\% = 0.13 \ t &= \frac{120}{360} \text{ years} \end{aligned} $$ ## Calculate the simple interest $$ \begin{aligned} I &= P \cdot r \cdot t \ I &= 950.00 \cdot 0.13 \cdot \frac{120}{360} \ I &= 950.00 \cdot 0.13 \cdot \frac{1}{3} \ I &= \frac{123.5}{3} \approx 41.1667 \end{aligned} $$ ## Round to the nearest cent $$ I \approx \$41.17 $$

(A) 47.71

(B) 42.17

(C) 41.17

{ "subject": "Mathematics", "question_type": "Multiple Choice", "knowledge_point": [ "Mathematics", "Algebra", "Bankers Interest" ] }

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QUESTION IMAGE

Question

Explanation:

Identify the given values

Calculate the simple interest

Round to the nearest cent

Answer: