Find the banker's interest to the nearest cent. principal: $2,500; rate: 9%; time: 180 days: interest: ? (based on a 365 day year).

You can solve this problem by applying the Simple interest formula, which is:
 
 I=PxRxT
 
 I: Simple Interest.
 P: Principal.
 R: Rate
 T: Time (It must be expressed in years or a fraction of years).
 
You have:
 
 P=$2500
 R=9%=0.09
 T=180 days=180/365
 
 When you substitute these values into the formula, you obtain:
 
 I=PxRxT
 I=($2500)(0.09)(180/365)
 I=$110.959