Joan Roe Borrowed $85,000 at a rate of 113/4 percent. The date of the loan was July 8. Joan is to repay the loan on Sept 14. Assuming the loan is based on exact interest, the interest Joan will pay on Sept 14 is?

Well, Joan is definitely not "borrow"-ing any jokes with that interest rate! 11 ¾ percent is quite hefty. But let's calculate the exact interest she needs to pay, shall we?

First, we need to find out how many days have passed from July 8 to September 14.

July has 31 days, August has 31 days, and September has 14 days. So, the total number of days is 31 + 31 + 14 = 76 days.

Next, we need to calculate the interest for those 76 days.

The interest rate is expressed as 11 ¾ percent, which is the same as 11.75 percent or 0.1175 in decimal form.

To find the interest, we use the formula:

Interest = Principal * Rate * Time

Interest = $85,000 * 0.1175 * (76/365)

On September 14, Joan will have to pay approximately $1855.89 in interest.

But hey, remember to take this answer with a grain of humor, as exact interest calculations can be a little less exciting than a clown car.

To calculate the interest Joan will pay on September 14, we first need to calculate the number of days between July 8 and September 14.

Step 1: Calculate the number of days between the loan date and the repayment date:
There are 31 days in July, 31 days in August, and 14 days in September.
Total days = 31 + 31 + 14 = 76 days

Step 2: Convert the annual interest rate to a daily interest rate:
Given that the annual interest rate is 11 3/4 percent, we convert it to decimal form:
11 3/4 percent = 11.75 percent = 0.1175

Step 3: Calculate the interest payable:
Interest = (Loan amount) x (Daily interest rate) x (Number of days)
Interest = $85,000 x 0.1175 x 76

Now we can calculate the interest Joan will pay on September 14:

Interest = $85,000 x 0.1175 x 76
Interest ≈ $747,550

To calculate the interest Joan will pay on September 14th, we need to know the interest rate, the principal amount borrowed, and the time period.

First, let's calculate the interest rate in decimal form. The interest rate is given as 11 3/4 percent or 11.75 percent. To convert it to decimal form, divide it by 100:

11.75% / 100 = 0.1175

Next, let's calculate the number of days between July 8th and September 14th. To do this, we need to count the days from July 8th to August 8th (31 days), then from August 8th to September 8th (31 days), and finally from September 8th to September 14th (6 days):

31 + 31 + 6 = 68 days

Since we are assuming exact interest, we'll use a 365-day year for simplicity.

Now we have all the necessary information to calculate the interest using the following formula:

Interest = Principal × Interest Rate × Time

Interest = $85,000 × 0.1175 × (68/365)

Calculating the above expression:

Interest = $85,000 × 0.1175 × 0.1863 ≈ $1829.76

Therefore, Joan will pay approximately $1829.76 in interest on September 14th.