https://file.aiquickdraw.com/mathbot/file/1727315543329hutnn7zc.jpg

To solve this problem, we need to calculate the simple interest using the formula:

\[
I = P \times r \times t
\]

Where:
- $ I $ is the interest,
- $ P $ is the principal amount ($30,100),
- $ r $ is the annual interest rate (12.25%, or 0.1225 as a decimal),
- $ t $ is the time in years.

Since the time is given in days, we convert it to years by dividing by 365:
\[
t = \frac{167}{365}
\]

Now, let's calculate the simple interest.

\[
I = 30,100 \times 0.1225 \times \frac{167}{365}
\] 

I'll compute this for you.The simple interest on a loan of $30,100 at an annual interest rate of 12.25% for 167 days is **$1,687.04**.

Would you like more details or have any further questions?

Here are five related questions to deepen your understanding:
1. How would the interest change if the loan period was extended to 200 days?
2. What is the total amount payable (principal + interest) at the end of the loan period?
3. How would the interest change if the annual rate was reduced to 10%?
4. What is the effective annual rate when considering only a fraction of the year (like 167 days)?
5. How would compound interest differ from simple interest in this scenario?

**Tip:** Always double-check that the time in the interest formula is in the correct unit, typically years, for accuracy.

$30,100 at 12.25% for 167 days. Calculate the simple interest.

Learn how to calculate the simple interest on a loan of $30,100 at an interest rate of 12.25% for 167 days. The problem involves using the simple interest formula I = P × r × t. Suitable for students in Grades 9-12.

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