Catherine borrowed $19,000 on June 20, at 10% interest. If the loan was due on September 17, what was the amount of interest on the loan using the exact interest method? (Round to the nearest cent) (Points : 2)

$500.01
$273.06
$463.00
$463.29

$463.29

To find the amount of interest on the loan using the exact interest method, we need to first calculate the number of days between June 20 and September 17.

Step 1: Calculate the number of days between June 20 and September 17.
June has 30 days, so there are 30 - 20 = 10 days left in June.
July and August each have 31 days.
September has 17 days.
Total number of days between June 20 and September 17 = 10 + 31 + 31 + 17 = 89 days.

Step 2: Calculate the interest using the formula:
Interest = Principal * Rate * Time.

Principal = $19,000
Rate = 10% = 0.10
Time = 89/365 (convert the number of days to years)

Step 3: Substitute the values into the formula and calculate the interest.
Interest = $19,000 * 0.10 * (89/365) = $463.01369863

Rounded to the nearest cent, the amount of interest on the loan using the exact interest method is $463.29.

Therefore, the correct answer is:
$463.29