business math
posted by Susan .
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 on Jan.20 is?

business math 
Ms. Sue
I = PRT
I = 7,000 * 0.08 * 0.333 
business math 
Anonymous
A. $188.22
B. $187.18
C. $187.17
D. $189.78
Ms.sue so which one is the answer I don't get it 
business math 
Teja Brown
The formula for this is I = PRT
I = Interest
P = Principal (starting amount) = $7,000
R = Rate (percentage) = 8% = .08
T = Time in years = days/years = 122/365
I = 7000(.08)(122/365)
I = $187.178
I = $187.18 (rounded)
B. $187.18
Ps: When the time is less than a year you have to convert it like I did above.
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