Perry borrows $350 at a simple interest rate of 4.5%. Perry pays back the loan in 30 months. How much interest does Perry pay on the loan? (Round to the nearest penny, hundredth.)

the interest on the loan is $39.38

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the loan.

P represents the principal or amount taken as loan

R represents interest rate

T represents the duration of the loan in years.

From the information given,

P = $350

R = 4.5%

There are 12 months in a year. Converting 30 months into years, it becomes

30/12 = 2.5. so

T = 2.5 years

Therefore

I = (350 × 4.5 × 2.5)/100

I = $39.38

answer: city needs 2.4 inches of rainfall more to match the record of 40 inches.

step-by-step explanation:

since we have given that

total annual rainfall a city record = 40 inches

this year, total rainfall recorded = 37.6 inches

number of inches of rainfall   is needed to match the record of 40 inches is given by

hence, city needs 2.4 inches of rainfall more to match the record of 40 inches.