Find the simple interest for a loan whose principal is $8,134.19, simple interest rate is 5.52%, and term is 450 days.

To calculate the simple interest, we use the formula:

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

Where:
- $I$ is the simple interest.
- $P$ is the principal amount.
- $r$ is the annual interest rate (as a decimal).
- $t$ is the time in years.

### Step 1: Convert the time
The term is given as 450 days, but the formula requires time in years. To convert days to years:

\[
t = \frac{450}{365} \approx 1.2329 \, \text{years}
\]

### Step 2: Calculate the interest
Now, substitute the values into the formula:
- $P = 8134.19$
- $r = \frac{5.52}{100} = 0.0552$
- $t = 1.2329 \, \text{years}$

\[
I = 8134.19 \times 0.0552 \times 1.2329
\]

Let me calculate this.The simple interest for the loan is approximately **$553.57**.

Would you like more details or have any further questions?

Here are 5 related questions to expand on this concept:
1. How does the time period affect the simple interest amount?
2. What would the interest be if the interest rate increased to 6%?
3. How does simple interest differ from compound interest?
4. If the principal was doubled, what would the new simple interest be?
5. How can the total amount (principal + interest) be calculated after the loan term?

**Tip:** Always make sure to convert the time period (days, months, etc.) to years when calculating simple interest.

Learn how to calculate the simple interest for a loan of $8,134.19 with an interest rate of 5.52% over a term of 450 days. The detailed solution explains the steps, including converting days to years and applying the simple interest formula. Suitable for students in Grades 7-10.

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