# math

posted by .

Janet took out a loan of \$50,000 from Bank of America at 8 percent on March 19, 2006 which is due on July 8, 2006. Using exact interest, the amount of Janet's interest cost is

• math -

Count the number of days.

interest = 50000(.08)(number of days/365)

• math -

Janet took out a loan of \$50,000 from Bank of America at 8 percent on March 19, 2006 which is due on July 8, 2006. Using exact interest, the amount of Janet's interest cost is: \$5,018.44
\$2,561.44
\$5,261.44
\$5,216.44
None of these

• math -

5216.44

• math -

The formula for this is I = PRT
I = interest
P = principal
R = rate
T = time in years

50000(.08)(111/365) = \$1216.44

However, it looks like your question has an error and should say July 8, 2007 instead of July 8, 2006.

When you account for this error:

50000(.08)(476/365) = \$5,216.438 -> \$5216.44 (rounded).

## Similar Questions

1. ### math

Janet took out a loan of \$50,000 from Bank of America at 8 percent on March 19, 2006 which is due on July 8, 2006. Using exact interest, the amount of Janet's interest cost is
2. ### math

Janet Home went to Citizen Bank. She borrowed \$7,000 at a rate of 8 percent. The date of the loan was September 20. Janet hoped to repay the loan on January 20. Assuming the loan is based on ordinary interest, Janet will pay back interest …
3. ### math

Janet Home went to Citizen Bank. She borrowed \$7,000 at a rate of 8 percent. The date of the loan was September 20. Janet hoped to repay the loan on January 20. Assuming the loan is based on ordinary interest, Janet will pay back interest …

Jnaet took out a loan of \$50,000 from Bank of America at 8 percent on March 9, 2006 which is due on July 8, 2006. Using exact interest, the amount of Janet's interest is?

Janet Home went to Citizens Bank. She borrowed \$7,000 at a rate of 8 percent. The date of the loan was Sept 20. Janet hoped to repay the loan on Jan.20. Assuming the loan is based on ordinary interest, Janet will pay back interest …
6. ### home economics

Janet Home went to Citizen Bank. She borrowed \$7,000 at a rate of 8 percent. The date of the loan was September 20. Janet hoped to repay the loan on January 20. Assuming the loan is based on ordinary interest, Janet will pay back interest …