business math

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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?

  • business math -

    $1304.11

  • business math -

    The formula for this is I = PRT
    I = Interest
    P = Principal ($50,000)
    R = Rate (8% -> .08)
    T = Time in years (111/365)

    I = (50000)(.08)(111/365)
    I = $1216.438 -> $1216.44 (rounded)

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