math
posted by Anonymous .
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 
Reiny
Count the number of days.
interest = 50000(.08)(number of days/365) 
math 
Sylvia
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 
Anonymous
5216.44

math 
Teja Brown
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).
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