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Sagot :
$6.25 of interest will be earned every 30 days.
Given,
Borrowing amount = $250
Simple interest = 2.5%
No. of days = 30 days
A month equals 30 days and so earning due to interests will be only effective after each 30th day. The simple interest formula is used here in order to calculate the interest.
[tex]I=\frac{P*R*T}{100}[/tex]
Here,
P - borrowed money.
R - simple interest rate.
T - no. of periods.
I - interested gain due to borrowed money.
So, if P = $250, R = 2.5%, and T = 1, then the interest earned is:
[tex]I= \frac{(250)*(2.5)*(1)}{100}[/tex]
[tex]I=\frac{625}{100}[/tex]
[tex]I= 6.25[/tex]
Hence, $6.25 of interest will be earned every 30 days.
To learn more about interest here:
https://brainly.com/question/25845758
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