1. We are given that :
• loan = $650
,• For 33 days , interest = 3.1%
,• to use 360 days a year
2. Calculate the simple interest rate :
Interest = (650 * 33*3.1)/ 100 *360
=66495/36000
=1.847
≈$1.85 ...( rounded off to the nearest cent)
This means that the interest due on a 33 day loan of $650 will be $1.85.